editor's note

Data recently released by the China Federation of Logistics and Purchasing showed that in March, the global manufacturing PMI was 50.3%, ending a 17 consecutive month trend of below 50%, and returning to the expansion range of above 50%. What does it mean for the global manufacturing PMI to return above the boom-bust line? This issue of "Think Tank Data" will combine the manufacturing PMI of major countries and regions around the world to take you to explore the signals of global economic recovery released behind the data.

Global manufacturing recovery is accelerating

■ China Economic Times reporter胡畔

The global manufacturing industry is accelerating its recovery, driving sustained economic recovery.

Data released by the China Federation of Logistics and Purchasing showed that in the first quarter, the global economy showed signs of steady growth. In March, the global manufacturing industry continued to accelerate its recovery based on the stable recovery in the previous two months, and the overall recovery trend was better than that in the fourth quarter of 2023. Among them, the accelerated recovery of manufacturing industries in China and the United States has contributed to the steady and rising global economy.

In terms of subregions, Asian manufacturing continued to rise steadily, with the manufacturing PMI rising to more than 51%; the recovery of manufacturing in the Americas strengthened compared with February, and the manufacturing PMI rose to more than 50%; the recovery of manufacturing in Europe was stable, but the intensity was weak, with the manufacturing PMI rising slightly from February, but still below 50%. African manufacturing fluctuated, with the manufacturing PMI falling from February and below 50%.

There are also data showing that among the multiple sub-indicators of the global manufacturing PMI, output, new orders and employment indices rebounded significantly, while the input price index declined slightly. The improvement of various important indicators indicates that the global manufacturing industry is expected to continue in the second quarter. Maintain the recovery trend. Among them, the growth in the output index indicates that global manufacturing production capacity has gradually recovered and product supply capacity has increased; the rise in the new order index indicates that the market demand for finished products has rebounded, which has a positive role in promoting the manufacturing industry to increase capacity utilization and increase output; The growth in the employment index reflects the improvement of the manufacturing employment environment and is conducive to increasing residents 'employment confidence; the decline in the input price index indicates that the manufacturing production costs have dropped, which is conducive to improving corporate profitability.

Overall, the recovery of manufacturing is driving a gradual recovery of the global economy. At the same time, there are also views that whether the global economic recovery can continue to recover rapidly depends on the intensity of global market demand recovery, the degree of improvement of the policy environment and the degree of alleviation of unfavorable factors affecting global trade. Countries must strengthen economic and trade cooperation. In this regard, China will continue to expand its opening up, actively promote international cooperation, and inject Chinese impetus into global economic recovery and growth.