China's manufacturing sector continues to demonstrate resilience as the Purchasing Managers' Index (PMI) for April remained in expansion territory. The official PMI stood at 50.4 in April, slightly down from March's 50.8, according to the National Bureau of Statistics.
Despite the slight dip, maintaining a PMI above 50 signifies that the factory activity is still expanding, suggesting an ongoing recovery in the industrial sector as the second quarter progresses.
Key highlights from the report include a notable acceleration in enterprise production, with the production index reaching 52.9. Additionally, market demand continued to grow, as evidenced by the new orders index at 51.1.
Emerging growth drivers also showed promise, with PMIs for equipment manufacturing and high-tech manufacturing recording 51.3 and 53.0 respectively.
Cai Jin, vice president of the China Federation of Logistics & Purchasing, commented, \"While the macroeconomic operation maintains a trend of recovery and improvement, the optimization of structure, structural adjustment and the formation of new growth drivers are accelerating.\"
In the service and construction sectors, China's non-manufacturing PMI was at 51.2 in April, down from March's 53.0. Meanwhile, the Caixin/S&P Global manufacturing PMI also showed growth, increasing to 51.4 from 51.1 in March. The Caixin/S&P PMI primarily focuses on small and medium-sized private manufacturing enterprises, whereas the official PMI covers a broader manufacturing landscape, including large state-owned enterprises.
Reference(s):
cgtn.com
