China's manufacturing activity unexpectedly expanded in March for the first time in 9 months. That's according to the official figures from the National Bureau of Statistics, which came out on Friday.

China's official Purchasing Manager's Index surprisingly rose to 50.2 in March, which is up from 49 in the previous month. Still, of course, this  is only marginally above the 50-point mark which separates growth from contraction on a monthly basis. Now you have to remember that in the  previous month, in February, the reading was the weakest since 2011. So we are seeing a lot of volatility in the numbers.

Some analysts are saying that the improvement could be linked in part to the recovery of the property market and increase in construction activity,  which is boosting demand for building materials such as cement, glass and steel. Also global commodity prices have staged a tiny recovery in recent  weeks that has increased the profits of oil and mining companies.

And there is more spring feeling in the air. Growth in China's services sector has also expanded strongly. The official non-manufacturing  Purchasing Managers' Index rose to 53.8 in March. That's up from the previous month's reading of 52.7, so clearly above the 50-point line.

"Developments are very dynamic even within industries which are performing well, consumer-oriented industries there are huge differences. But  overall industries are losing ground where services are gaining ground, so we should not expect anything from industrial development any time  soon," said Jurgen Conrad, head of Economics Unit, ADB.

"This round of home prices rebound will help boost the economy. On the other hand, certain areas have seen real estate prices rising too fast. That  calls for appropriate macro controls," said Cai Jin, deputy chief of China Federation of Logistics and Purchasing.