the manufacturing PMI remained at a high level and the non-manufacturing PMI continued to rise

In March, the manufacturing PMI remained at a high level and the non-manufacturing PMI continued to rise. Regarding the low base in the same period last year, the year-on-year economic growth may further accelerate, said Bian Quanshui, chief macroeconomic researcher at Western Securities.

The economic recovery since the year's beginning has been better than expected, Bian said, adding that GDP growth in the first quarter is likely to be higher than expected, at around 3.4 to 4 percent.

GDP growth in the first quarter is expected to be around 4.0 percent year-on-year, 1.1 percentage points higher than that in the fourth quarter of 2022, said Feng Lin, a researcher with Golden Credit Rating.