The China Federation of Logistics and Procurement and the Service Industry Survey Center of the National Bureau of Statistics recently announced that China's manufacturing purchasing managers' index (PMI) in March was 50.5%, up 0.3 percentage points from the previous month. The manufacturing industry's prosperity continued to rebound, and it was operating in the expansion range for two consecutive months.

Since this year, China's economy has started steadily, with stronger innovation momentum and better development trends. The manufacturing PMI has expanded for two consecutive months, indicating that China's economy has shown positive changes in many aspects and has also laid the foundation for stable economic growth throughout the year.

PMI has expanded for two consecutive months, showing resilience in China's economy.

The coordinated growth of both supply and demand will help PMI continue to expand. Judging from the sub-index, in March, the new order index of manufacturing industry was 51.8%, up 0.7 percentage points from the previous month, and was operating above 51% for two consecutive months. The demand side accelerates growth, boosting the production willingness of enterprises, with the production index of 52.6%, operating above 52% for two consecutive months. Both supply and demand rebounded, not only increasing market confidence, but also stabilizing corporate expectations. In March, the expected index of manufacturing production and operation activities was 53.8%, operating at a better level of around 54% for six consecutive months.

Under the background of intensified unilateralism and protectionism, China's foreign trade has shown resilience and vitality. In the first two months, the import and export of Chengdu air ports increased by 21.8% year-on-year, Shanghai's export scale hit a record high in the same period, and Guangzhou's import and export to ASEAN increased by 45.2%.

PMI has expanded for two consecutive months, surging China's innovation vitality.

BYD released the super e-platform, breaking a number of global mass production technology records; the world's first video electronic paper display screen with a total of more than 30 inches was released in Guangzhou, and large-size color electronic paper entered the era of dynamic display; the "Tongze" of the super-large diameter mud and water shield machine was officially launched, and my country's high-end underground engineering equipment research and development has achieved new breakthroughs... New quality productivity has been cultivated and strengthened, and new momentum for economic growth has accelerated. In March, the new order index of the equipment manufacturing industry PMI hit a new high since April 2023.

At the 2025 Annual Meeting of the Boao Forum for Asia just held, "innovation" is a high-frequency word for participants to talk about China's economy. "China's stable economic growth and technological innovation capabilities have injected new vitality and confidence into regional and global economic development, and will become the key driving force for global growth." "Chinese enterprises continue to make breakthroughs in technological innovation, and the speed of industrial upgrading exceeds expectations." "Innovation" has become a distinctive label for China's manufacturing industry.

PMI has expanded for two consecutive months, and it is also inseparable from a series of policy synergistic efforts.

Issue 300 billion yuan of ultra-long-term special treasury bonds to support consumer goods to trade new products to increase their efforts and accelerate the release of consumption potential; plan to raise 520 billion yuan to support large state-owned commercial banks to supplement capital and enhance their ability to serve the real economy; introduce policies and measures to stabilize foreign investment and foreign trade, and continue to expand high-level opening up to the outside world... A series of policies have made great efforts to drive the continuous recovery and heat up of the manufacturing industry.

From January to February this year, the total retail sales of consumer goods increased by 4% year-on-year, 0.5 percentage points faster than the previous year; the added value of high-tech manufacturing above scale increased by 9.1% year-on-year, and the output of new energy vehicles increased by 47.7% year-on-year... More active and proactive macroeconomic policies will continue to be put into effect to help the economy recover and support the recovery of manufacturing.

From the recovery of manufacturing PMI, we can feel the strong resilience and development potential of China's economy. However, there are still many factors of external instability and uncertainty. In the face of difficulties and challenges, it is necessary to strengthen policy synergy, release the potential of domestic demand, promote the accelerated integration of scientific and technological innovation and industrial innovation, promote the continued stability and improvement of the economy, and provide solid guarantees for achieving the annual economic and social development goals and tasks.