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The Purchasing Manager’s Index (PMI) was at 50.9 in March, up from 50.1 in February, official data showed.
Figures from the National Bureau of Statistics and China Federation of Logistics and Purchasing brought cheer today in Beijing as the data was indicative of a an economic rebound.
Foreign direct investment rose for the first time in nine months in February and industrial companies’ profits gained 17.2 per cent in the first two months of the year.
It was the sixth consecutive month that the PMI figure stayed above 50 per cent, which demarcates expansion from contraction, according to a statement from the CFLP.
Outgoing Premier Wen Jiabao said in a report presented earlier in March, that the Chinese government must further relax controls over market access for non-governmental investment.
The new president and Communist Party of China (CPC) chief Xi Jinping also called for courage like “wading through a dangerous shoal” to help deepen reforms in the country’s development.
With inputs from Xinhua