3月中国制造业PMI升至51.8

China’s manufacturing sector saw activity climb to the highest level since 2012 in March as an official gauge showed factories ceased shedding jobs for the first time in nearly five years and a previously severe contraction at smaller enterprises softened markedly.

中国制造业达到了自2012年3月以来的最高水平。官方数据显示，近5年来工厂用工量首次不再减少，上月小企业活动大幅收缩的局面也显著好转。

The official purchasing managers’ index for China’s manufacturing sector came in at 51.8 in March according to the National Bureau of Statistics, notching a slight rise from 51.6 in February and climbing further above the 50-point mark separating growth from contraction. A median forecast from economists surveyed by Reuters predicted the gauge would hold steady from the previous month.

国家统计局数据显示，3月中国制造业采购经理指数(PMI)为51.8，略高于2月的51.6，更高于50的荣枯线。路透(Reuters)对经济学家调查得出的中位数预期曾预测PMI将与上月持平。

A gauge of employment trends held the most positive news for the sector as it hit the 50-point mark, indicating neither expansion nor contraction. That marked the first time the manufacturing sector reported having not shed jobs on a monthly basis since May 2012.

PMI高于荣枯线的同时就业趋势也很乐观，这对于制造业来讲是个好消息。这是自2012年5月以来，制造业第一次出现用工量没有减少的局面。

Conditions at the biggest manufacturers remained steady, with a sub-index tracking large-scale companies holding at 53.3. But conditions at small enterprises – which have been the sector’s hardest hit during the slowdown in economic growth over the last few years – improved markedly as contraction softened more than 2 points to 48.6.

大型企业保持稳定，PMI为53.3。但小型企业的收缩显著改善，PMI达48.6，比上月上升逾2个点。

The services industry’s straits appeared to improve as well, with a sub-index for the sector rising one full percentage point to 54.2, a two-year high. A broader gauge of growth for all non-manufacturing activity rebounded from a February dip to reach 55.1, marking the gauge’s highest level since May 2014.

服务业的困境似乎也有所改善，其商务活动指数上升1个点至54.2，为两年高点。在2月下降之后，非制造业商务活动指数反弹至55.1，为该指数自2014年5月以来的最高水平。

A hint as to one driving factor in the broader rebound came courtesy of a sub-index for construction activity, which rose in March for the first time in two months – albeit by 0.4 percentage points – to 60.5.

建筑业商务活动指数上升0.4个点，至60.5，为2个月内的首次上升。