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China's manufacturing expands for 4 straight months

Source:   Time:

BEIJING, April 1 (Xinhua) -- China's Purchasing Managers Index (PMI), a preliminary readout of the country's manufacturing activity, rose for four consecutive months to the highest level since last March, indicating the economy is on path of steady growth.

PMI climbed to 53.1 percent in March of 2012, 2.1 percentage points higher than a month earlier, the China Federation of Logistics and Purchasing (CFLP) said Sunday.

From November to February, PMI saw steady increases from 49 percent to 50.3 percent, 50.5 percent and 51 percent. A reading of 50 percent demarcates expansion from contraction.

March's reading shows domestic demand rebounding, which was most prominently reflected in the machinery equipment-making industry, according to the report.

The significant PMI rise in March showed the economy presented stable growth momentum, said Zhang Liqun, a researcher with the development research center of the State Council, China's cabinet.

The CFLP's sub-index for new orders hit 55.1 percent, up 4.1 percentage points from February. The data for new export orders added 0.8 percentage points to reach 51.9 percent.

The manufacturing sub-index edged up 1.4 percentage points to 55.2 percent.

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