China's manufacturing activity expanded at a slower pace in March, official data showed, dousing hopes of a strong post-COVID factory recovery amid weaker global demand and a property market downturn
The services sector was stronger, with activity expanding at the fastest pace in nearly 12 years after the end of China's zero-COVID policy in December boosted transportation, accommodation and construction.
"With much of the immediate boost from dismantling virus restrictions now already passed and policy set to turn less accommodative, the recovery is likely to moderate over the coming months," said Julian Evans-Pritchard, head of China economics at Capital Economics. Any fallout from a recent crisis of confidence in the global banking sector could also affect demand for China's goods, adding to pressure on manufacturers.deepened in the first two months of the year, marking a downbeat start to the recovery.
"The strong momentum will likely continue in the coming months, as the new order index for the service sector continued to rise," said Zhiwei Zhang, president and chief economist at Pinpoint Asset Management.
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