Chinese manufacturing business activity rebounded slightly in March to expansion territory, official data showed on Wednesday.
The manufacturing purchasing managers' index (PMI), a key measure of factory activity in China, posted at 50.1 in March, up from 49.9 in the previous month, according to the data released by the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing.
A reading above 50 indicates expansion, while a reading below 50 represents contraction. The PMI dropped below the 50-point mark in January, the first time since October 2012.
The improvement was attributable to the rising manufacturing activities following the China Lunar New Year holiday, said Zhao Qinghe, a senior NBS statistician. The sub-index of production rose to 52.1 from 51.4 in the previous month.
Recent reforms and pro-growth policies also boosted the market confidence, Zhao said.
However, the sub-indices of new order fell to 50.2 from 50.4 in the previous month, indicating continued downward pressure on manufacturing, Zhao added.
