China’s National Bureau of Statistics (NBS) unveiled its latest data today, April 30, indicating that the Purchasing Managers’ Index (PMI) for both the manufacturing and service sectors continued to show expansion in April.
The April Manufacturing PMI registered at 50.4, marking a slight deceleration from March’s figure of 50.8. However, the index remained above the pivotal 50-point threshold for the second consecutive month, signaling ongoing growth in China’s manufacturing industry.
Moreover, the April Manufacturing PMI surpassed analysts’ expectations, coming in at 50.3. This consecutive expansion over the past two months marks the most robust performance in over a year, instilling optimism in the market about the sustained recovery of China’s economy, the world’s second-largest.
Similarly, the April Service Sector PMI recorded a reading of 51.2, indicating a slight moderation from March’s 53. Nevertheless, the index has maintained above the 50-point mark for the fifth straight month, indicating a continued expansion in China’s services sector.
According to reports from the South China Morning Post news website, the release of the PMI figures follows China’s revelation of a 5.3% GDP growth in the first quarter of 2024, surpassing earlier projections. This growth trajectory persisted despite weaker retail sales and investment in the real estate sector.
The sustained expansion in both the manufacturing and service sectors underscores China’s resilience amid evolving economic conditions. Analysts will closely monitor these indices for further insights into the trajectory of China’s economic recovery and its implications for global markets.