Core Viewpoint - The economy is continuing to improve, with March manufacturing PMI at 50.5, service PMI at 50.3, and construction PMI at 53.4, all showing month-on-month increases [1][4]. Group 1: Economic Indicators - The manufacturing PMI increased by 0.3 points from the previous month, while service PMI also rose by 0.3 points, and construction PMI saw a 0.7 point increase [1][4]. - The export order index has shown resilience, rising slightly, indicating external demand remains stable despite tariff pressures [1][5]. - Small enterprise PMI improved significantly by 3.3 points in March, reflecting better financial conditions [1][5]. - High-tech manufacturing PMI was reported at 52.3, indicating relative strength compared to previous periods [5]. Group 2: Recovery Characteristics - Despite some positive indicators, the overall data reflects a weak recovery, with manufacturing PMI lower than the previous year's value of 50.8 and below the historical average of 0.7 points for March [2][5]. - Service sector performance is also lagging, with March values lower than seasonal expectations, showing a cumulative decline compared to similar periods in previous years [5][6]. - The construction sector's performance is being hindered by insufficient support from infrastructure investments, as indicated by the lower demand from this sector [2][7]. Group 3: Price Indices and Employment - Both price indices showed a month-on-month decline, with expectations for March PPI indicating slight negative growth [10][12]. - Employment indicators in manufacturing, services, and construction sectors showed a decline in March, although the overall trend since September has been upward [12][13]. - The BCI enterprise hiring index also decreased, suggesting a cautious approach to hiring amid structural changes in labor demand [12][13]. Group 4: Future Outlook - The report suggests that the economic trajectory in 2025 may resemble that of 2016, with gradual improvements expected in consumer spending, local investment, and price indices [12][13]. - The overall economic growth is anticipated to experience fluctuations throughout the year, with a focus on validating the effectiveness of policy measures aimed at stabilizing growth [14].