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<Econ> National Bureau of Statistics: Geopolitical Conflicts Lead to Sharp Increase in Oil and Chemical Prices; Retail, Accommodation, and Catering Market Activity Weakens
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Huo Lihui, Chief Statistician of the Service Industry Survey Center at the National Bureau of Statistics, explained the March 2026 China Purchasing Managers' Index (PMI). She stated that in March, the Manufacturing PMI, Non-Manufacturing Business Activity Index, and Composite PMI Output Index all returned to the expansion zone, registering at 50.4, 50.1, and 50.5, respectively. These figures rose by 1.4, 0.6, and 1 percentage points from the previous month, indicating an improvement in the economic climate of the mainland. Additionally, the Manufacturing Production Index and Non-Manufacturing Business Activity Index, which constitute the Composite PMI Output Index, were 51.4 and 50.1, respectively. As companies accelerated their resumption of work and production after the Spring Festival, market activity increased, with the Manufacturing PMI at 50.4, returning to the expansion zone, primarily due to simultaneous expansion on both the supply and demand sides. The PMIs for large, medium, and small enterprises all improved. The PMI for large enterprises was 51.6, up by 0.1 percentage points from the previous month, showing a stable increase in economic prosperity. The PMIs for medium and small enterprises were 49.0 and 49.3, respectively, rising by 1.5 and 4.5 percentage points from the previous month, indicating a significant improvement in economic conditions. High-tech manufacturing, equipment manufacturing, consumer goods industries, and high energy-consuming industries expanded rapidly. The Production and Business Activity Expectation Index was 53.4, up by 0.2 percentage points month-on-month, reflecting strengthened confidence among manufacturing enterprises in recent market developments. Due to the recent continuous rise in prices of some major commodities and accelerated procurement activities by enterprises, the Main Raw Materials Purchase Price Index and Factory Price Index were 63.9 and 55.4, respectively, rising by 9.1 and 4.8 percentage points month-on-month. The overall market price level in the manufacturing sector has significantly rebounded. The price indices for industries such as petroleum, coal, and other fuel processing, as well as chemical raw materials and chemical products, were both above 70, indicating a notable increase in the overall purchase and sale price levels in these industries. The survey results also showed that, affected by geopolitical conflicts in the Middle East and other factors, prices of related raw materials such as oil and chemicals have surged significantly. Coupled with rising logistics freight rates, the proportion of enterprises reflecting high raw material and logistics costs increased month-on-month in March. The Non-Manufacturing Business Activity Index rebounded in March. However, the business activity indices for industries related to consumer travel, such as retail, accommodation, and catering, were below the critical point after the Spring Festival, indicating weakened market activity. The Business Activity Index for the construction industry improved. As construction projects across various regions gradually resumed after the festival, the Business Activity Index for the construction industry was 49.3, up by 1.1 percentage points month-on-month. (ta/da) Auto-translated by third-party software This translation was auto-generated by third-party software. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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