Another Sign of Economic Spring

One more crocus on the lawn: the purchasing managers index for March rose for the first time in six months; the index, a measure of manufacturing activity, also broke through the the 50 level that divides contraction from expansion. The usual caveats about treating a single month’s numbers with caution, but it is a sign, along with recent strong lending and investment data, that the 4 trillion yuan stimulus package is taking effect, especially in the state-owned sector.

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