China factory activity growth slows further in March

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China factory activity growth slows further in March

On March 23, 2023, employees work at a workshop of Jack Sewing Machine Co, Ltd in Taizhou, east China's Zhejiang province. A private sector survey showed that China's factory activity growth slowed in March due to a slowing of production, weaker global demand and limited growth in jobs.

The media group Caixin said that the Caixin China General Manufacturing Purchasing Managers' Index came in at 50 in March. This follows February's reading of 51.6. The 50 point index mark separates growth from contraction on a monthly basis.

The report said that the vitality of manufacturing activities stayed largely at the same level as in February but the momentum of recovery has waned.

The official PMI of the country fell to 51.9 in March from 52.6 in February, as growth for new orders and new export orders eased.