BEIJING, March 31 (Reuters) – China’s manufacturing activity expanded at a slower pace in March, official data showed on Friday, raising doubts about the strength of a post-COVID factory recovery amid weaker global demand and a property market downturn.
The services sector was stronger, with activity expanding at the fastest pace in nearly 12 years after the end of China’s zero-COVID policy in December boosted transportation, accommodation and construction.
The official manufacturing purchasing managers’ index (PMI) stood at 51.9, against 52.6 in February, according to data from the National Bureau of Statistics (NBS), above the 50-point mark that separates expansion and contraction in activity on a monthly basis.
That slightly exceeded expectations of 51.5 tipped by economists in a Reuters poll, and led to the yuan strengthening against the dollar. The