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China's economic recovery continues, driven by the performance of service sector

31 Mar 2021 02:08 PM

The Chinese economy continued to show signs of continuing its economic recovery in March, supported by better-than-expected performance in the services sector.

The official manufacturing PMI - a survey of factory owner confidence in the world's second largest economy - rose to a three-month high of 51.9 in March from 50.6 in February. The reading for March was above the median forecast of 51.3.

A reading above 50 indicates growth in activity, while a reading below 50 indicates contraction. The higher the reading above 50, the faster the pace of growth.

The official composite PMI - a mix of manufacturing and non-manufacturing indicators - rose to 55.3 in March from 51.6 in February.

The data also showed the Chinese services sector expanded at a faster pace in March, with the non-manufacturing PMI rising to 56.3 from 51.4 in February, matching expectations for a rise of 51.9.

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