March PMI of non-manufacturing sector rebounds
BEIJING - The Purchasing Managers Index (PMI) of China's non-manufacturing sector rose to 60.2 percent in March, the China Federation of Logistics and Purchasing (CFLP) said Sunday.
The March index was 16.1 percentage points higher than that in February, the CFLP said in an online statement, adding that the rise indicates non-manufacturing businesses are gaining strengthen and maintaining a healthy growing trend.
A reading above 50 percent indicates economic expansion. One below 50 percent indicates contraction. The figure has been staying above the boom-or-bust line since March 2010 except this February due to the Chinese Lunar New Year holiday, it said.
All major sub-indices saw increases with the index for new orders sharply up 10.4 percentage points from February to 55.5 percent in March while that for new export orders rose 4.1 percentage points to settle at 50.3 percent. it added.
Meanwhile, the statement noted that the retreats in the increase of two indices -- price indices for charges and intermediate input, sent a positive message in terms of easing the ongoing inflation expectation.
The price index for charges fell 2.8 percentage points to 51.7 percent in March and that for intermediate input edged down 1.5 percentage points to 63 percent, it said.
The PMI of China's manufacturing sector rose to 53.4 percent in March, rebounded from a previous slid for three consecutive months, adding pressure of inflation and expectation of interest rate hikes, according to CFLP's data released Friday.
Statistics authority data show that China's consumer price index (CPI), a main gauge of inflation, rose 4.9 percent year-on-year in February this year and was widely expected to rise above 5 percent in March.
The central bank has raised benchmark interest rates three times since last year and increased the reserve requirement ratio for commercial banks nine times to contain inflation.