China says manufacturing activity expanded in March, topping expectations for a contraction
PMI readings above 50 indicate expansion, while those below that level signal contraction.of the PMI reading that there was continued improvement in the prevention and control of the outbreak in March, with a significant acceleration in the resumption of production.
Earlier this year, manufacturing activity slowed dramatically in China as the government instituted large-scale lockdowns and quarantines to contain the spread of the coronavirus disease, formally known as COVID-19. On Monday, China's Ministry of Industry and Information Technology said that as of March 28, the resumption of work rate for industrial enterprises was 98.6%, and the return of workers stood at 89.9%.The Caixin/Markit survey features a bigger mix of small- and medium-sized firms. In comparison, the official PMI survey typically polls a large proportion of big businesses and state-owned companies.This is breaking news. Please check back for updates.
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