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China’s services sector activity at 6-month high

  • Author:naky
  • Source:www.diecastingpartsupplier.com
  • Release on:2016-02-17
China’s services sector expanded the most in six months, according to a closely-watched private survey.
The Caixin-Markit services PMI came in at 52.4 in January, up from 50.2 in December. Readings above 50 indicate an expansion, and that takes the index to its highest level since July, when it was at 53.8.

The data follows surveys earlier this week that showed activity in the manufacturing sector remained in contractionary territory.

But thanks to the improvement in services sector activity, the composite PMI, which combines both surveys, rose to 50.1 last month from 49.4 in December.

He Fan, chief economist at Caixin Insight Group, said:“Overall, the fast development of the services sector has to a large extent offset the impact of weakening manufacturing, indicating a better economic structure. The government should continue to deepen reform, relax administrative controls and reduce restrictions on market entry for service providers. This will release the potential of the services sector and help improve the economic structure.”