BEIJING: China’s purchasing managers’ index (PMI) for the manufacturing sector was 49.2 in April, down 2.7 index points from last month, data from the National Bureau of Statistics (NBS) showed Sunday. The 50-point mark on the index separates expansion and contraction in activity on a monthly basis.
The decline was attributed to insufficient market demand and a high comparison base from the rapid recovery of manufacturing in the first quarter, said NBS senior statistician Zhao Qinghe. Nonetheless, PMI for equipment manufacturing remains higher than the 50-point mark. Manufacturing of equipment continues to expand with production index and new orders index both achieving more than 51 index points.
China’s PMI for the non-manufacturing sector was 56.4 in April, a continued expansion as policies in boosting consumption play out. In particular, services and construction both showed expansion with activity indexes of 55.1 and 63.9, respectively.
These data indicate that rapid recovery in consumption and services continue to support economic stability, said Bruce Pang, chief economist and head of research at JLL Greater China.
The composite PMI, which includes both manufacturing and non-manufacturing activities, dropped from 57.0 to 54.4 in April.
–The Daily Mail-CGTN news exchange item
