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Andrew Mullen

Activity in China’s services sector surged in November as the economy continued its strong recovery from the coronavirus outbreak earlier this year, a private survey showed on Thursday.
The Caixin/Markit services purchasing managers’ index (PMI), a gauge of sentiment among smaller, private firms, rose to 57.8 in November from 56.8 in October.
The reading was the second highest since April 2010, below only June’s reading of 58.4.
November’s reading was also above the median prediction by analysts in a survey by Bloomberg for a slight decline to 56.2 expected.
A reading above 50.0 indicates growth, while a reading below represents a contraction.
China economy: latest data about world’s second largest economy
“The post-epidemic services recovery continued to pick up speed in November, as the Caixin China General Services Business Activity Index hit 57.8, up from 56.8 the previous month and reaching the second-highest level since April 2010, below only June‘s 58.4 reading,” said Wang Zhe, senior economist at Caixin Insight Group.
On Monday, the official non-manufacturing PMI was confirmed as 56.4 last month – the highest reading since June 2012.
The Caixin/Markit composite PMI, which combines sentiment readings for the manufacturing and services sector, rose to 57.5 in November from 55.7 in October.
China’s overall economy has bounced back strongly from the impact of the pandemic after a record contraction in the first three months of the year.


Gross domestic product grew by 4.9 per cent in the third quarter compared with a year earlier and China is the only Group of 20 nation expected to see positive growth in 2020 due to its better-than-expected recovery, which has been fuelled largely by state-led infrastructure investment and a property boom.
Within the Caixin/Markit services PMI, total new business expanded at the quickest rate since April 2010, while business confidence improved to the highest for over nine-and-a-half years.
Rising activity and sales underpinned the fastest increase in employment for just over a decade, however, operating expenses rose at a sharp and accelerated rate, which led to a quicker increase in prices charged.
The upturn in sales was the quickest since April 2010, while new export business rose for the first time since June, and at the sharpest rate since April 2019.
Companies increased their staffing levels for the fourth month in a row, with the rate of job creation the most marked since October 2010.
Services supply and demand both expanded at a faster clip despite scattered Covid-19 cases found in some areas
Wang Zhe
Looking forward, business confidence regarding the year ahead strengthened for the third month running in November, with the overall degree of positive sentiment the highest since April 2011 due to expectations that the global economic conditions will recover from the pandemic over the next year. Firmer domestic demand and new product launches are also expected to boost activity levels.
“Services supply and demand both expanded at a faster clip despite scattered Covid-19 cases found in some areas. The business activity index and total new business both expanded for the seventh month in a row, hitting the second-highest and the highest level since April 2010, respectively,” added Wang.
“Overseas demand was strong, with the gauge for new export business returning to expansionary territory. Uncertainties caused by the pandemic did not slow growth in demand for services exports.
“Employment improved sharply in November as strong growth in supply and demand had a positive influence on the job market. The employment gauge stayed in positive territory for the fourth straight month, reaching the highest point since October 2010.”


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China economy

China’s services sector sentiment surged in November, jumps to second-highest level since April 2010

Caixin/Markit services purchasing managers’ index (PMI), a gauge of sentiment among smaller, private firms, rose to 57.8 in November from 56.8 in October. Photo: Reuters

Caixin/Markit services purchasing managers’ index (PMI), a gauge of sentiment among smaller, private firms, rose to 57.8 in November from 56.8 in October. Photo: EPA-EFE

China unlikely to ease up on stimulus just yet even as economic recovery gathers pace in November

China’s official manufacturing purchasing managers’ index (PMI) – a survey of sentiment among factory owners – rose to 52.1 in November from 51.4 in October. Photo: Reuters

China’s non-manufacturing purchasing managers’ index (PMI) – a gauge of sentiment in the services and construction sectors – rose to 56.4 in November from October’s reading of 56.2. Photo: Reuters

China manufacturing sentiment hits highest level in 10 years in November

China’s Caixin/Markit manufacturing purchasing managers’ index (PMI) rose to 54.9 in November from 53.6 in October. Photo: Xinhua

China’s economic activity extended its strong growth in November as manufacturing, services sentiment grows

China’s official manufacturing purchasing managers’ index (PMI) rose to 52.1 in November. Photo: Xinhua

China to overtake US to become world’s top consumer goods market ‘very soon’

Retail sales in China reached 41.2 trillion yuan, or US$6.2 trillion, last year, according to the National Bureau of Statistics. Photo: EPA-EFE

China’s retail sales for the first time surpassed 40 trillion yuan in 2019, up more than 42 per cent from 2015. Photo: Bloomberg

China tightens export rules for sensitive tech, boosts power to retaliate against foreign sanctions

China’s new export control law explicitly allows it to retaliate against a country that violates export restrictions and endangers national security. Photo: Xinhua

China’s new export control law explicitly allows it to retaliate against a country that violates export restrictions and endangers national security. Photo: AFP

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Caixin/Markit services purchasing managers’ index (PMI), a gauge of sentiment among smaller, private firms, rose to 57.8 in November from 56.8 in October
On Monday, the official non-manufacturing PMI rose to 56.4 last month from 56.2 in October – the highest reading since June 2012



China’s Caixin/Markit services purchasing managers’ index (PMI), a gauge of sentiment among smaller, private firms, rose to 57.8 in November from 56.8 in October.


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