Commentary: Recovery momentum of Chinese economy strengthened
BEIJING, April 3 (Xinhua) -- The recent upturn in multiple economic indicators signifies a strengthening recovery momentum in China's economy, injecting new impetus into the global economy.
The purchasing managers' index (PMI) for China's manufacturing sector was 50.8 in March, ending five consecutive months of contraction, according to the National Bureau of Statistics (NBS).
A reading above 50 indicates expansion, while a reading below 50 reflects contraction. The March figures are seen as an encouraging sign in terms of business outlook, especially in production and demand.
Notably, in March, the non-manufacturing business activity index and the composite PMI output index came in at 53.0 and 52.7, respectively, up 1.6 and 1.8 percentage points, respectively, from the previous month, and both were also in expansion territory.
The simultaneous rebounding of these three major indices shows that the Chinese economy has continued its momentum of recovery and growth, with internal drivers of development built up, public expectations further improved, and solid progress achieved in high-quality development.
These figures also confirm that the country's policies aimed at stabilizing growth and boosting market confidence are taking effect.
China's economic vitality is further reflected by the status of small and medium-sized enterprises, which are major creators of job opportunities. The PMI of these two categories returned to the expansion range in March after 11 consecutive months of contraction.
Other figures also point to a good start in 2024. China's imports and exports of goods expanded 8.7 percent year on year in the first two months of the year -- with exports returning to double-digit growth.
China is targeting a GDP growth rate of around 5 percent for this year. The recent uplifting statistics add to the confidence that the target of the world's second-largest economy can be achieved through continued and determined efforts.
Related articles
Supreme Court rejects an appeal from a Canadian man once held at Guantanamo
WASHINGTON (AP) — The Supreme Court on Monday rejected an appeal by a Canadian-born former Guantanam2024-05-21Germany arrests 2 for allegedly spying for Russia, plotting sabotage to undermine Ukraine aid
BERLIN (AP) — Two German-Russian men have been arrested in Germany on suspicion of espionage, one of2024-05-21IDF forces are accused of beating and torturing captured Palestinians
Israeli Defence Forces (IDF) has been accused of beating Palestinians captured in Gaza, including UN2024-05-21Portuguese bodybuilder 'Monster', who claimed to be the 'most shredded ever', dies aged 46
The Portuguese bodybuilding influencer known as Monster who claimed to be the most 'shredded ever' h2024-05-21The fightback begins: Boss of London's Queen Mary University tells pro
A university boss has been praised after telling a pro-Gaza student mob he will not meet them until2024-05-21Indonesia's Mount Ruang erupts and shuts an airport as residents leave homes
MANADO, Indonesia (AP) — Indonesian authorities closed an airport and residents left homes near an e2024-05-21
atest comment