A study made by the China Federation of Logistics and Purchasing and the National Bureau of Statistics’ Service Survey Center shows that the official Purchasing Managers Index for Chinese automobile enterprises hit 60.4% last month.
PMI acquires information about the purchasing managers’ acquisition of goods and services and it indicates the state of manufacturers in a specific industry. The official PMI for the Chinese industry was 53.1% in March, the highest for over a year, which only means that the industry begins to show signs of recovery.
“The increase in PMI indeed reflects that the Chinese automobile market is finally making a change for the better,” China Passenger Car Association Assistant Secretary Cui Dongshu said. “Judging by manufacturing numbers and reported sales, there seems to be an upward trend,” he added.
Mr. Cui also thinks that total March sales will reach 1.18 million units, up 16% compared to February and up 7% from March 2011. On average, daily sales in the third week of the month were 11% higher than the daily figures for the third week of February.