China manufacturing shows surprise fall in March
By Frank Prenesti
Date: Monday 03 Apr 2023
(Sharecast News) - China's manufacturing activity unexpectedly eased in March, according to the private Caixin survey released on Monday.
Caixin's manufacturing purchasing managers index, which covers smaller and export-oriented businesses, registering a reading of 50 - the line between expansion and contraction - compared with February's 51.6.
It added that the latest result highlighted growing doubts about the strength of Chinese recovery momentum, amid ongoing property downturn and global financial uncertainty.
Both output and new orders rose at softer paces while foreign sales and employment fell. Meanwhile, buying activity rose modestly for the second month.
The reading indicated signs of China's rebound softening said Caixin senior economist Wang Zhe.
"The foundation for economic recovery is not yet solid," he said. "Only by working hard to stabilize employment, increase household income, and improve market expectations, can the government reach its goal of restoring and expanding consumption."
Reporting by Frank Prenesti for Sharecast.com
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