Manufacturing rebounds, but smaller enterprises remain under pressure 制造业有所回暖，但中小企业仍面临压力 China's manufacturing activity returned to expansion territory in March, offering an early sign that policy support is beginning to feed through to the real economy as measures to boost demand and stabilize growth gain traction, experts said on Tuesday. 3月，我国制造业活动重返扩张区间。专家3月31日表示，这为观察中国经济提供了一个早期信号，表明随着提振需求、稳定增长的措施逐步显效，政策支持正开始向实体经济传导。 However, they cautioned that prolonged weakness among small and medium-sized enterprises highlights lingering structural pressures and underscores the challenge for policymakers in fostering a more broad-based recovery in the world's second-largest economy. 不过专家也提醒，中小企业持续疲软凸显结构性压力依然存在，也表明政策制定者在推动我国作为世界第二大经济体实现更广泛复苏方面仍面临挑战。 They also said that continued countercyclical policy support, faster rollout of major government investment projects and more targeted measures to ease financing burdens on small and medium-sized enterprises will be key to boosting orders, reviving production and underpinning a solid start to the 15th Five-Year Plan (2026-30) period. 专家还表示，持续加强逆周期调节政策支持、加快重大政府投资项目落地、出台更有针对性的措施缓解中小企业融资压力，对于扩大订单、恢复生产、支撑"十五五"时期（2026-2030年）实现良好开局至关重要。 Their comments came as China's official purchasing managers' index for the manufacturing sector stood at 50.4 in March, up from 49.0 in February and returning to expansion territory, according to data released by the National Bureau of Statistics on Tuesday. The subindex for production stood at 51.4 in March, up from 49.6 in February, while the gauge for new orders came in at 51.6, up 3 percentage points from the previous month, the NBS said. 国家统计局3月31日发布的数据显示，3月份，我国制造业采购经理指数（PMI）为50.4%，比上月上升1.5个百分点，重返扩张区间。国家统计局表示，生产指数为51.4%，比上月上升1.8个百分点；新订单指数为51.6%，比上月上升3.0个百分点。 Huo Lihui, an NBS statistician, attributed the rebound in manufacturing PMI to the faster resumption of work and production after the Spring Festival holiday, as well as increased market activity, with the production index and the new orders index both returning to expansion territory. 国家统计局服务业调查中心首席统计师霍丽慧表示，制造业PMI回升主要是受春节后企业加快复工复产、市场活跃度提升等因素影响，生产指数和新订单指数均回到扩张区间。 Wang Qing, chief macroeconomic analyst at Golden Credit Rating International, said sentiment in China's manufacturing sector improved in March, buoyed by optimism after the recently concluded two sessions, the annual gatherings of China's top legislative and political advisory bodies, which underscored that China's macro policies would remain more proactive and effective this year. 东方金诚首席宏观分析师王青表示，近期闭幕的全国两会释放出今年宏观政策将更加积极有为的信号，受此鼓舞，3月份我国制造业景气水平有所改善。 That policy tone was reinforced by the People's Bank of China on Tuesday. In a statement released after the first-quarter meeting of its monetary policy committee for 2026, the PBOC said it would continue to implement a moderately loose monetary policy, step up countercyclical and cross-cyclical adjustments, and improve coordination between monetary and fiscal policies to promote stable economic growth and a reasonable recovery in prices. 中国人民银行3月31日进一步强化了这一政策基调。央行货币政策委员会2026年第一季度例会指出，将继续实施适度宽松的货币政策，加大逆周期与跨周期调节力度，加强货币财政政策协调配合，促进经济平稳增长和物价合理回升。 Meanwhile, major manufacturing segments strengthened further and maintained a mild upward trend. High-tech manufacturing, for instance, posted a PMI reading of 52.1 in March, up 0.6 percentage point from February, and remained in expansion territory for the 14th consecutive month, the NBS reported. 与此同时，重点制造业板块进一步增强，并保持温和上升势头。国家统计局数据显示，高技术制造业PMI为52.1%，比上月上升0.6个百分点，连续14个月处于扩张区间。 Despite the overall expansion, small and medium-sized manufacturers remained under pressure, with activity still in contraction territory. 尽管制造业总体扩张，但中小型制造企业仍面临压力，其相关活动仍处于收缩区间。 According to the NBS, the subindex for medium-sized enterprises rose 1.5 percentage points to 49.0, while that for small enterprises climbed 4.5 percentage points to 49.3, but both remained below the 50-point threshold. 国家统计局数据显示，中型企业PMI为49.0%，比上月上升1.5个百分点；小型企业PMI为49.3%，比上月上升4.5个百分点，但两者均仍低于50%的临界点。 "Soaring raw material prices have dealt a heavier blow to small and medium-sized enterprises, which generally have weaker pricing power and thinner financial buffers," said Bai Wenxi, vice-chairman of the China Enterprise Capital Union. 中国企业资本联盟副理事长柏文喜表示，原材料价格飙升对中小企业打击更大，中小企业议价能力普遍较弱，财务缓冲能力也较为薄弱。 Huang Yiping, dean of Peking University's National School of Development, said China has policy room, on both monetary and fiscal fronts, to cope with the potential economic headwinds stemming from geopolitical uncertainties in the Middle East. 北京大学国家发展研究院院长黄益平表示，面对中东地缘政治不确定性可能带来的经济逆风，中国在货币和财政两方面都有政策空间予以应对。 Foreign companies also remain upbeat about the long-term prospects of China's manufacturing sector. 外资企业也对中国制造业的长期前景保持乐观。 Markus Kamieth, CEO of German chemical company BASF, said China has moved to the forefront of intelligent manufacturing and green transformation, driven by its scale, speed and innovation capacity. 德国化工企业巴斯夫执行董事会主席凯礼表示，中国凭借其规模、速度和创新能力，已在智能制造和绿色转型领域走在前列。 Philippe Delorme, president and CEO of Finnish elevator giant KONE Corp, said the company's core production base in Kunshan, Jiangsu province, has grown into the world's largest elevator manufacturing base. "This figure demonstrates our commitment to China's economic growth," he added. 芬兰通力集团总裁兼首席执行官德龙表示，该集团位于江苏昆山的核心生产基地已发展成为全球最大的电梯制造基地。他表示："这一事实表明了我们对中国经济增长的坚定承诺。" countercyclical /ˌkaʊntərˈsaɪklɪkəl/逆周期的 purchasing managers' index /ˈpɜːrtʃəsɪŋ ˈmænɪdʒərz ˈɪndeks/采购经理指数 gauge /ɡeɪdʒ/指标 resumption of work and production /rɪˈzʌmpʃən əv wɜːrk ænd prəˈdʌkʃən/复工复产 buoy /bɔɪ/提振；使上涨 financial buffer /faɪˈnænʃəl ˈbʌfər/财务缓冲能力
