China's factory activity growth stalled in March, weighed down by slowing production and weaker global demand and adding to uncertainty about a post-COVID recovery, a private sector survey showed on Monday.
The Caixin/S&P Global manufacturing purchasing managers' index fell to 50.0 in March. That followed February's reading of 51.6, which indicated the first monthly expansion in seven months.official PMIThe world's second-largest economy showed gradual recovery in the first two months of the year with a strong pickup in services sector, boosted by the lifting of years of strict COVID-19 containment measures.
"The foundation for economic recovery is not yet solid. Looking forward, economic growth will still rely on a boost in domestic demand, especially an improvement in household consumption," said Wang Zhe, Senior Economist at Caixin Insight Group. Beijing has set a modest target for economic growth this year of around 5% after it grew just 3% last year, one of the weakest showings in nearly half a century.
The factory activity was hit by slower growth in production and demand in March with sub-indexes both falling from the previous month.
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