Activity in China’s non-manufacturing sectors grew at its fastest rate in more than a decade in March as business confidence rocketed and demand grew steadily, according to a closely watched official gauge.
The National Bureau of Statistics non-manufacturing purchasing managers’ index, which covers the country’s services, forestry and agriculture sectors, reached 58.2, its highest since May 2011. The manufacturing sector PMI came in at 51.9. Economists had forecast readings of 54.3 and 51.5, respectively. A reading above 50 indicates expansion.
The indices are the latest signal that the world’s second-largest economy is rebounding strongly after scrapping its tight Covid-19 curbs last year.
