The Shanghai Composite Index, China’s stock market, closed higher today. This was supported by the Purchasing Managers’ Index (PMI), the manufacturing sector which reached its highest level since April. 2012, which shows that the Chinese economy has started to recover.
The Shanghai Composite Index closed at 3,312.35 points, up 32.74 points or +1.00%.
China’s February manufacturing PMI came in at 52.6, up from 50.1 in January, and the fastest expansion since May. 2012, driven by increased consumer confidence after the Chinese government announced the abolition of the zero COVID policy.
Data from the NBS also showed that February’s services PMI came in at 56.3, up sharply from 54.4 in January, marking the start of China’s economic recovery. after the government canceled measures to control COVID-19
An index above 50 indicates expansion in China’s manufacturing and service sectors.
