Modern Shanghai city landscape juxtaposed against China’s national flag

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China’s factory activity in March expanded by its strongest pace in more than a year, a private survey showed on Monday, in signs of stabilizing growth in the world’s second-largest economy.

The Caixin China manufacturing purchasing managers’ index was 51.1 in March — its strongest since February 2023 — after coming in at 50.9 in February. Economists had expected the reading to hit 51, according to a Reuters poll. The 50-point mark separates expansion from contraction.

This reading corroborates official data that surpassed market expectations and came at its strongest in 11 months. Another official survey for non-manufacturing activity in China recorded its most robust reading since June.

China’s National Bureau of Statistics released survey data on Sunday that showed the country’s official manufacturing PMI coming in at 50.8 in March, its strongest reading since March last year that was also stronger than expectations for 49.9 in a Reuters poll.

This is breaking news. Please check back for more details.

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