China's Economy Shows Strength as March 2024 PMI Data Surprises with Beats
China March 2024 PMI Data Overview
China has two primary Purchasing Managers' Index (PMI) surveys - the official PMI released by the National Bureau of Statistics (NBS) and the Caixin China PMI published by the media company Caixin and research firm Markit / S&P Global.
The official PMI survey covers large and state-owned companies, while the Caixin PMI survey covers small and medium-sized enterprises.
As a result, the Caixin PMI is considered to be more reliable indicator of the performance of China's private sector.
Differences Between Official PMI and Caixin PMI
- The official PMI has a narrower sample size compared to the Caixin PMI.
- The Caixin PMI survey is known for its broader sample and often aligns with the official survey for China's manufacturing sector.
- March PMI Data:
- Manufacturing PMI: 50.8 (expected 50.1)
- Services PMI: 53.0 (expected 51.5)
- Composite PMI: 52.7
China's economic prospects for 2024 are looking positive, with upgrades in GDP forecasts and strong January-February data performance across key sectors.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.