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PMI Report on China Manufacturing (March 2018)

China’s manufacturing rebounded from 50.3 in February to a three-month high of 51.5 in March, indicating a reacceleration in the growth of the manufacturing sector in China.

11 of the 13 sub-indices were higher than their respective levels in the previous month. The output and the new orders indices gained 2.4 pts and 2.3 pts respectively in March, showing that the output and the overall new orders have expanded at a faster pace recently.[1] Besides, the new export orders index rose above the critical 50-mark, returning to the expansionary zone in March. Meanwhile, the input prices index stayed relatively low at 53.4 in March, showing a mild rise in prices of production inputs.

By size of enterprises, the PMI of ‘large enterprises’ came in at 52.4 in March, up from 52.2 in February. The PMI of ‘medium enterprises’ rose to 50.4 in March from 49.0 in February, while the PMI of ‘small enterprises’ picked up to 50.1 in March from 44.8 in February. The output index was 53.1 in March, up from 50.7 in February.

The output index of ‘large enterprises’ went up to 54.2 in March from 53.7 in February; the output index of ‘medium enterprises’ was 52.0 in March, up from 49.1 in February; the output index of ‘small enterprises’ rebounded strongly to 50.6 in March from 41.5 in February.

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[1] The ‘new orders index’ covers both domestic and export orders. That is to say, the manufacturers are not asked to differentiate between domestic and export orders when filling in questionnaires.

Content provided by Fung Business Intelligence
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