China's Manufacturing Sector Shows Further Signs of Recovery in March

• China's factory activity beat expectations in March, supporting 5% economic growth target • Industrial production and exports data from Jan-Feb also indicate economic recovery has traction • Caixin and official manufacturing PMIs rose to highest levels in over a year in March
• New export orders expanded for first time in a year, broader demand also picked up • But jobs data still weak, deflationary pressures persist, underscoring need to boost demand