According to recent data released by the National Bureau of Statistics of China, the country’s major economic indexes have been in the expansion zone for three consecutive months. This indicates that China’s economic development is still stabilizing and recovering, which has garnered attention overseas.
Foreign media outlets have noted that a series of economic data from China is “full of hopeful signals,” and that China’s steady economic recovery is injecting strong power into the world economy. The Financial Times reported that China’s service sector activity expanded at the fastest pace in more than a decade in March, with the country’s non-manufacturing purchasing managers’ index reaching 58.2 percent. This is up from 56.3 percent in February and the highest level since May 2011.
China’s PMI also beat expectations in March, indicating significant growth in retail, transport, and construction activity. The business activity index for the construction sector hit a new high of 65.6 percent since July 2011. The Wall Street Journal cited Aaditya Mattoo, chief economist at the World Bank, who noted that there is no doubting the strength of the rebound in the Chinese economy. Data such as the non-manufacturing business activity index indicate that China’s economy is continuing to recover as households and businesses adapt to post-pandemic life.
As the EU and US growth outlooks continue to deteriorate after the banking turmoil, foreign investors are now more willing to park their capital in Chinese investment, as noted by Ken Cheung, chief Asian foreign exchange strategist for Mizuho Bank, quoted by CNN.