China’s service activity grew at slower pace in Apr – private survey
DATA MACRO
China’s service activity grew at slower pace in Apr – private survey
DATA MACRO

China’s service activity grew at slower pace in Apr – private survey

 

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China’s service activity expanded for the fourth consecutive months in April, a private-sector survey showed as the world’s second largest economy continued to recover from the Covid pandemic, although the momentum slowed.

China’s Caixin Service PMI for April comes in at 56.4, down from 57.8 in the previous month and lower than expected 57, but remaining the second highest since December 2020.

Sub-indexes showed that the supply and demand of the service industry both remained strong in April. The gauges for business activity index and new order index of the service industry have both slightly declined, but still significantly higher than the 50 line that separates expansion and contraction, recording the second-highest level since December 2020. 

Overseas demand was strong, and the sub-index for new export orders has been in the expansion zone for the fourth consecutive month. The lifting of international travel restrictions continues to boost service exports, especially in the tourism industry.