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China’s services activity expands at quickest pace in 5 months in December thanks to rise in new business
- Caixin/S&P Global services purchasing managers’ index (PMI) rose to 52.9 in December, up from 51.5 in November
- Data contrasts to China’s official survey, which showed a subindex of services activity shrank again at the end of 2023
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China’s services activity expanded at the fastest pace in five months thanks to a solid rise in new business, a private-sector survey showed on Thursday, lifting the degree of optimism in the sector to a three-month high.
The Caixin/S&P Global services purchasing managers’ index (PMI) rose to 52.9 in December from November’s 51.5, above the 50-mark separating growth from contraction and posting the highest reading since July.
The data, offering a snapshot of business sentiment, was in contrast to an official survey on Sunday, which showed a subindex of services activity shrank again at the end of 2023, raising calls for more stimulus measures in the new year.
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Aided by robust new business which expanded at the fastest rate since May, firms attributed the improvement to rising customer numbers and spending.
“The overall number of customers rose slightly in December compared with November,” said a restaurant owner surnamed Jin, based in Hangzhou, a city in the eastern Zhejiang province.
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“But still, businesses in 2023 were worse than 2022 due to the macro economic trend.”
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