China’s services activity expansion slows in August despite summer travel peak: Caixin PMI
China’s Caixin/S&P Global services purchasing managers’ index (PMI) slipped to 51.6 in August from 52.1 in June
Growth in China’s services sector activity slowed in August despite the summer travel peak, prompting some firms to cut staff amid concerns about rising costs, a private-sector survey showed on Wednesday.
“Although the index remained in expansionary territory for the 20th straight month, growth in activity slowed,” said Wang Zhe, senior economist at the Caixin Insight Group.
The new business index remained above 50, extending the sequence of expansion that started from January 2023, but the rate of growth was softer than July.
Export business quickened, however. According to panellists, overseas client interest in the tourism industry supported faster business growth.
The State Council, or the cabinet, on Tuesday published a notice to improve high-quality development of China’s service trade, including easing cross-border talent flow and enhancing international transport service capacity.