China's manufacturing activity expanded for the first time in six months in March, an official factory survey showed on Sunday, offering relief to policymakers even as a crisis in the property sector remains a drag on the economy and confidence.
New export orders rose into positive territory, breaking a 11-month slump, but employment continued to shrink, albeit at a slower rate, the PMI data showed.
Premier Li Qiang announced an ambitious 2024 economic growth target of around 5% earlier this month at the annual meeting of the National People's Congress, China's rubber-stamp parliament.
Citi on Thursday raised its economic growth forecast for China for this year to 5.0% from 4.6%, citing "recent positive data and policy delivery".
China's cabinet on March 1 approved a plan aimed at promoting large-scale equipment upgrades and sales of consumer goods.
Persons:
Zhou Maohua, Premier Li Qiang
Organizations:
PMI, China Everbright Bank, Manufacturing, Premier, National People's Congress, Citi
Locations:
Shandong, China, Japan