China services activity jumps on new orders
China's services activity in March revved up at the quickest pace in 2-1/2 years on robust new orders and job creation and a consumption-led post-Covid recovery, a private-sector survey showed on Thursday.
The Caixin/S&P Global services purchasing managers' index (PMI) rose to 57.8 in March from 55.0 in February, the third consecutive monthly expansion after the government dropped stringent anti-virus curbs late last year. It was the highest reading since November 2020.
The 50-point mark separates expansion and contraction in activity on a monthly basis.
The upbeat figure echoed an official PMI released last week, which shot to the highest level in more than a decade.
Thanks to improvements in customer demand, the rate of new orders was the sharpest since November 2020, the Caixin survey showed. Notably, new export orders in the services sector grew at the fastest pace on record.
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