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Gasgoo.com (Shanghai April 5) - A recent study conducted by the China Federation of Logistics and Purchasing and the National Bureau of Statistics' Service Survey Center show that the official Purchasing Managers Index for Chinese automobile enterprises reached 60.4 percent in March, Caijing reported today.
PMI, which compiles data regarding purchasing managers' acquisition of goods and services, is an indicator of the state of manufacturers in a specific industry. The Chinese industry as a whole managed to attain an official PMI of 53.1 percent last month, the highest the figure has been for over a year. The fact that automobile manufacturers managed to top that number indicates that the industry is beginning 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 in an interview with Securities Market Weekly. "Judging by manufacturing numbers and reported sales, there seems to be an upward trend," he added.
Mr. Cui predicts confirmed sales of passenger automobiles in March to total 1.18 million units, increasing 16 percent from February and seven percent from March of last year. On average, daily sales in the third week of the month were 11 percent higher than the daily figures for the third week of February.
However, Mr. Cui cautions that end user sales for the month may not mirror the increase in PMI, instead showing only slight improvement.