Global manufacturing PMI shows slight weakness in March

The global manufacturing purchasing managers' index (PMI) declined to 49.6 percent in March, 0.4 percentage points lower than that in February, according to data released by the China Federation of Logistics and Purchasing on Sunday.

The decline reflected the ongoing trend of slow economic growth worldwide, the federation said. The manufacturing PMI for the Americas was 48.9 percent, a decline of 1.3 percentage points from the previous month, falling into contraction territory, a significant factor contributing to the global decline in manufacturing PMI.

The index of Europe remained below 50 percent but showed a slight increase from February.

Africa's manufacturing PMI rose to 50.8 percent, entering the expansion zone, indicating an improvement in manufacturing recovery.

Asia's PMI was 51.3 percent, maintaining stability above 51 percent for two consecutive months. Among major countries, China's manufacturing showed growth for two consecutive months, operating in the expansion zone above 50 percent. The continued positive performance of China's manufacturing serves as a crucial support for stable growth in Asian manufacturing.

Overall, in the first quarter, the average global manufacturing PMI was 49.9 percent, higher than 49.2 percent of the fourth quarter in 2024 and 49.6 percent of the same period last year, indicating a slightly better global economic recovery this year compared with the fourth quarter and the same period last year, although the index levels remain relatively low.

Analysis suggests that the tariffs imposed by the United States has inevitably led to trade frictions, resulting in negative impacts on the U.S. and various countries globally. In the short term, this situation will lead to increased global trade costs and disruptions in the global supply chain, creating a scenario of multiple losses. But it is crucial to recognize that the sustained impact of tariffs on the global economy is not viable and global economic cooperation remains paramount.

China's outstanding aggregate social financing -- the total amount of financing to the real economy -- reached 442.12 trillion yuan (about 63.4 trillion U.S. dollars) as of the end of 2025, up 8.3 percent year on year, central bank data showed on Thursday.

The country's aggregate social financing stood at 35.6 trillion yuan (about 5.1 trillion U.S. dollars) in 2025, up by 3.34 trillion yuan (about 479 billion U.S. dollars) from the year 2024, said the People's Bank of China (PBOC), the country's central bank.

According to the data, the M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 8.5 percent year on year to 340.29 trillion yuan (about 48.8 trillion U.S. dollars) as of the end of December.

In addition, outstanding yuan loans stood at 271.91 trillion yuan (about 39 trillion U.S. dollars) at the end of 2025, up 6.4 percent year on year.