"China's Robust Factory Activity Signals Strong Economic Recovery"

China's manufacturing activity expanded at the fastest pace in 13 months in March, with the Caixin/S&P Global manufacturing PMI rising to 51.1, driven by growing new orders from domestic and international customers. The upbeat results, along with better-than-expected export and retail sales data, suggest a strong start to the year for the world's second-biggest economy. Citi raised its 2024 growth forecast for China to 5.0%, but analysts believe policymakers will need to roll out more stimulus to achieve this target due to ongoing challenges such as a deep slump in the property sector and subdued employment growth.