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Private survey of Chinese industrial activity in March also beats expectations

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After the index of the Chinese government official manufacturing activity For the month of March it will leave very good feelings and place the industry of the Asian country in the area of ​​expansion, the private survey of this sector that Markit produces has also beaten expectations. The Caixin / Markit manufacturing purchasing managers' index for last month was 50.1 compared to 40.3 the previous month, indicating a slight expansion in the manufacturing sector.

Thus, this indicator registered a strong rebound last month after the sinking to historical lows experienced in February as Beijing has relaxed the containment measures for the coronavirus, allowing the reopening of factories and Chinese workers return to their posts.

Despite this substantial improvement in the level of activity, the survey prepared by the consulting firm Caixin in collaboration with IHS Markit shows the fragility of demand conditions, with the second consecutive monthly drop in new orders in March, after numerous companies have canceled or postponed their orders as a result of the pandemic.

In this sense, the new workload of Chinese factories aimed at the export market registered a significant deterioration in March as a consequence of the impact of the spread of the coronavirus worldwide and of the containment measures implemented by the different governments.

Thus, the employment data in the manufacturing sector confirmed in March a new cut of the templates as a result of the efforts of companies for reducing your costs.

"The manufacturing sector was under double pressure in March: On the one hand, the resumption of activity was insufficient and, on the other hand, the worsening of external demand and the weakness of domestic consumption limited further expansion," said Zhengsheng Zhong, president and chief economist of CEBM Group.

According to data from the National Statistics Office of China, published on Tuesday, the manufacturing PMI of the Asian giant registered a strong rebound in March, rising to 52 points, compared to 35.7 the previous month, while in the sector Non-manufacturing reached 52.3 points, compared to February 29.6, thus raising the compound PMI index to 53% from 28.9%.

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