China's new factory data proves good economic momentum

China's manufacturing PMI, non-manufacturing PMI, and composite PMI numbers for March have received wide international attention.

Chinese Foreign Ministry spokesperson Wang Wenbin said at a regular press conference on 2nd of April that the simultaneous rise of the three major indexes and the fact that they are all in the expansion zone are evidence that China’s economy continues to enjoy good momentum, its internal driving force is strengthening, public expectations are improving, and China’s high-quality development is making solid progress.

“In addition to PMI numbers, China's imports and exports, power generation, passenger and cargo volume, and consumption during the Spring Festival all showed positive signs of economic rebound, which have heightened the world’s expectation for the Chinese economy in 2024,” he said.

The good start of China’s economy this year is a bright spot for the global economy, Wang said.

He introduced that over 100 multinational business executives have recently gathered in China. “The China Development Forum 2024 and the Boao Forum for Asia Annual Conference 2024 both had a full house of guests. Many of the business leaders present expressed full confidence in the resilience and outlook of China’s economy. They believe the Chinese market remains irreplaceable for multinationals and said they will continue to invest in China,” he added.

China’s development is open to the world, he said, adding that various Chinese departments have recently unveiled key steps to expand high-standard opening up, covering cross-border trade in services, cross-border data flows and opening up in the financial sector.

“From the Canton Fair to the China International Import Expo, China International Fair for Trade in Services, the Global Digital Trade Expo, the China International Consumer Products Expo, and the China International Supply Chain Expo, China is opening wider and wider to the world, and China’s mega-market will bring enormous opportunities to the world. Our message to businesses around the world: invest in China, flourish in China and succeed in China,” he added.