Overview

• China's official manufacturing PMI rose to 50.5 in March 2025, its highest level in a year, signaling expansion in factory activity.
• The increase was driven by government stimulus measures and a post-Lunar New Year production boost, according to the National Bureau of Statistics.
• New orders for March improved, with a subindex rising to 51.8, but export orders remained weak at 49, reflecting ongoing external demand challenges.
• U.S. President Donald Trump has imposed 20% additional tariffs on Chinese goods, with further tariff announcements expected on April 2, 2025.
• Chinese policymakers aim to achieve a 5% growth target for 2025, leveraging fiscal and monetary measures, but face risks from trade tensions and a slowing global economy.