Chinese industry slowly picked up speed in March after the February crash. The Caixin-Markit Purchasing Managers‘ Index released today rose to 50.1 points from a record low of 40.3 points last month, just above the growth threshold of 50 points.
After factory closings and travel restrictions to curb the coronavirus, companies in the country have reopened and life for millions of people is slowly returning to normal. But while the government in Beijing wants to protect the country from a second wave of infections from abroad, business activity is only slowly starting up again.
„To summarize, manufacturing was under double pressure in March: resumption of business was inadequate, and deteriorating foreign demand and weak domestic consumer demand constrained production,“ said Zhong Zhengsheng, director of macroeconomic analysis CEBM, in a communication on the survey.
