| BEIJING, March 31 (Xinhua) -- China's factory and service activities both picked up in March, new evidence of stable economic fundamentals amid government measures to spur high-quality growth.
The purchasing managers' index (PMI) for China's manufacturing sector came in at 50.5 in March, up from 49.2 in February, the National Bureau of Statistics (NBS) said Sunday. A reading above 50 indicates expansion, while a reading below reflects contraction. NBS senior statistician Zhao Qinghe attributed the monthly increase in the manufacturing PMI to accelerated production activities and improved domestic demand boosted by government supporting policies, including tax and fee cuts. The sub-index for production, a major factor used in calculating PMI, rose to a six-month high at 52.7 in March, up 3.2 percentage points from February. The sub-index for new orders went up 1 percentage point from February to 51.6 in March, the highest in half a year, showing growing momentum in market orders. The PMI for high-tech, equipment and consumer goods manufacturing stood at 52, 51.2 and 51.4, respectively, all above the general manufacturing PMI, showing rising strength of new drivers of growth. Large companies saw the manufacturing PMI go down 0.4 percentage points to 51.1, whereas the readings for medium-sized and small companies rose 3 and 4 percentage points, respectively. Wen Tao, an analyst with China Logistics Information Center, said the new data pointed to signs of the country's economic stabilization with positive market sentiment. Sunday's data also showed the PMI for China's non-manufacturing sector stood at 54.8 in March, up from 54.3 in February. | 
News