China’s services sector expands further on upbeat consumer demand
November had seen an expansion in China’s services sector, with new businesses accelerating at the most rapid pace in over a decade. The reading released by a private survey highlighted a rebound in consumer demand after the country managed to put the coronavirus pandemic under control.
The Caixin/Markit services Purchasing Managers’ Index (PMI) was read at 57.8, the second-highest reading since April 2010. It remained above the 50 threshold that separates expansion and contraction as it surpassed the 56.8 record seen in October.
The survey showed that the total number of new businesses reached milestone peak in November. This was mainly from new export business advancing for the first time in five months. In addition to this, hiring in the services sector was seen upbeat.