China’s Strong PMIs Show Economic Recovery Gaining Traction
- Non-manufacturing PMI surges, with construction hitting record
- Economists forecast GDP growth to exceed 5% this year
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China’s economic recovery gathered pace in March, with gauges for manufacturing, services and construction activity remaining strong, boosting the outlook for growth this year.
The purchasing managers’ index for the non-manufacturing sector jumped to 58.2 in March, the highest level since May 2011, led by a surge in the construction sub-index to a record high.