In Beijing
After two months of economic figures all worse than the others, the month of March brings a first ray of hope to the millions of Chinese companies and factories which found themselves almost stopped in January and February. After hitting an all-time low in February, the March PMI manufacturing managers' index has largely surprised on the upside. It rebounded from 35.7 in February to 52, well above the threshold of 50 which separates contraction and expansion of activity. The services sector, which covers in particular tourism and catering, also comes out of the water. The index rose to 52.3 in March, against 29.6 the previous month.
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These first official figures for March show that the recovery started three weeks ago is being felt on the ground. Strongly encouraged by local authorities, factories and businesses have mostly reopened and resumed at least part of their activity. The sub-indices of
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