(Yicai Global) April 1 -- The Caixin purchasing managers' index for Chinese manufacturing leaped 9.8 points to 50.1 in March after an all-time low in February as production begins to return to normal following the Covid-19 outbreak.

The PMI followed the official index published by the National Bureau of Statistics yesterday, which jumped 16.3 points to 52. A figure above 50 represents expansion, below indicates contraction. 

Manufacturers have been struggling with returning to work and a decline in demand at home and overseas, said Zhong Zhengsheng, chief economist at Caixin. However, entrepreneurs remain confident and staff have got back to work quickly, laying the groundwork for a rapid recovery following the pandemic, he added.

China has two PMIs. The Caixin PMI, also known as the Caixin-Markit PMI, surveys 500 businesses that are typically smaller and privately owner. The NBS runs the official index, which tracks 3,000 companies that are mostly larger and state backed.

Editor: James Boynton