China's manufacturing activity contracts in March

By Tuba Sahin

ANKARA (AA) - Chinese manufacturing activity fell in March amid a surge in coronavirus cases following four consecutive months of growth, according to data the country's statistical body released on Thursday.

The China Manufacturing Purchasing Managers Index (PMI) slipped to 49.5% in March, down 0.7 percentage points from a month ago, the National Bureau of Statistics (NBS) data showed.

The reading was in line with the market forecast as the country imposed a lockdown to curb the COVID-19 pandemic.

Manufacturing PMI measures the activity level in the manufacturing sector, which can be a leading indicator of its overall performance. A reading above 50 shows expansion in the sector, below 50 indicates contraction.

The country's non-manufacturing index was also down 3.2 percentage points from February to 48.4% in March, the statistical bureau said.