China’s economy is showing signs of a stronger rebound after COVID-19 restrictions were abandoned, with manufacturing posting its biggest improvement in more than a decade, services activity climbing and the housing market stabilizing.
The manufacturing purchasing managers’ index rose to 52.6 last month, the National Bureau of Statistics said on Wednesday, the highest reading since April 2012. A nonmanufacturing gauge measuring activity in both the services and construction sectors improved to 56.3. Both indexes beat economists’ expectations.
The PMIs provide the first comprehensive data of the economy’s recovery after COVID-19 restrictions were dropped late last year, infection waves began easing and businesses returned to normal after the Lunar New Year holidays. The figures add to other signs of a rebound in the economy and put policymakers in a good position ahead of next week’s National People’s Congress, where a new growth target will be disclosed.