Chinese Economy Makes Surprising Rebound in March
’s official Purchasing Managers’ Index, published by the National Bureau of Statistics, showed a figure of 52.3 for March, a measure where 50 is neutral and a smaller number indicates contraction. After growth in January, the index plunged to 29.6 in February, as services ranging from transport to retail were halted by government and provincial measures taken to limit the spread of the disease.
The news propelled shares higher on Asian stock markets on Tuesday, notably in mainland China and in Hong Kong, where the Hang Seng Index rose 1.2% to 23,455 mid-morning. “Asia appears to be showing signs of post-life this morning, with data released from across the region showing some pleasing signs of a rebound.
“ an unprecedented global shock, which could bring growth to a halt and could increase poverty across the region,” said Aaditya Mattoo, World Bank chief economist for East Asia and the Pacific. , which is both the world’s largest cinemas group and China’s biggest operator of shopping malls, said that Chinese consumers are beginning to venture out of their homes again.Plazas across China have resumed business. The average customer flow in Wanda Plazas has bounced back, reaching 83% of the level seen in the same period last year,” Wanda said in a statement.
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