CCTV News: China Federation of Logistics and Procurement and the Service Industry Survey Center of the National Bureau of Statistics announced the China Purchasing Managers Index for March on March 31. The manufacturing purchasing managers index continues to rise, market demand is released at an accelerated pace, and new momentum is developing at an accelerated pace.

In March, China's manufacturing purchasing managers' index was 50.5%, up 0.3 percentage points from the previous month, and it was operating in the expansion range for two consecutive months.

From the perspective of sub-index, the two ends of manufacturing industry demand are accelerating expansion. The production index and the new order index in March were 52.6% and 51.8%, respectively, up 0.1 and 0.7 percentage points from the previous month.

Huo Lihui, director of the Enterprise Prosperity Department of the Service Industry Survey Center of the National Bureau of Statistics, said: "From the industry perspective, the production index and new order index of industries such as railway, ship, aerospace equipment, computer, communication and electronic equipment have both risen to a higher prosperity range of more than 55%, and the production needs of related industries have been released at a faster pace."

Driven by factors such as the rebound in manufacturing industry demand, enterprises have strong purchasing intentions, with a purchase volume index of 51.8%, and has maintained expansion for two consecutive months.

From the perspective of key industries, new momentum is rising rapidly, and new quality productivity is accelerating its development. The equipment manufacturing purchasing managers index in March was 52%, up 1.2 percentage points from the previous month, of which the new order index rose to more than 55%, a new high since April 2023. The high-tech manufacturing purchasing managers index was 52.3%, up 1.4 percentage points from the previous month.

Cai Jin, President of the China Federation of Logistics and Procurement, said: "From the operation of the index since this year, it should be said that the index has rebounded month by month, especially in February and March for two consecutive months. The index has rebounded to more than 50%, reflecting that my country's economic recovery and improvement trend is further accelerating."

Business activity index has risen month by month for two consecutive months

From the perspective of non-manufacturing industries, the business activity index reflecting the overall operating conditions of non-manufacturing industries has increased month-on-month for two consecutive months, and the increase has further expanded. Non-manufacturing business activities have maintained expansion, and investment and consumption have shown signs of positive development.

China's non-manufacturing business activity index in March was 50.8%, up 0.4 percentage points from the previous month. By industry, as the weather warms up and the continued release of investment-related demand, construction activities in the construction industry continue to rise. The construction industry's business activity index in March was 53.4%, up 0.7 percentage points from the previous month, up two consecutive months from the previous month, and hit a new high since June 2024.

Huo Lihui said: "From the market expectations, the construction industry business activity expectations index has also risen back to a higher prosperity range of more than 55%, and construction companies have increased their confidence in the recent industry development."

In March, the service industry business activity index was 50.3%, up 0.3 percentage points from the previous month, and the overall activity of the service industry market increased. From an industry perspective, the business activities of enterprises in some industries have accelerated. The retail business activity index and new order index both rose significantly compared with the previous month, and both rose to more than 52%. In addition, the postal business activity index rose to more than 55%, indicating that residents' willingness to consume online and offline has increased.

Overall, non-manufacturing continued to expand in the first quarter, and investment and consumption-related activities showed signs of positive development, and corporate expectations remained optimistic. The non-manufacturing business activity expectations index rose to 57.2% in March, up 0.6 percentage points month-on-month.