SERVICE
activity in China continued to expand in November as both domestic and overseas
demand grew, a Caixin-sponsored survey showed, adding to evidence that the
economic recovery was gathering momentum as manufacturing also posted solid
growth.
The
Caixin China General Services Business Activity Index, which gives an
independent snapshot of operating conditions in the services sector, rose to
57.8 in November from 56.8 the previous month, hitting the second-highest level
since April 2010, below only June's 58.4 reading.
A number above 50 indicates an expansion in
activity, while a figure below that points to a contraction. The index, better
known as the Caixin China services PMI, has been in expansionary territory for
seven months in a row.
Demand
for services expanded faster last month than in October as growth in new
business hit the highest level since April 2010. "Panel members frequently
commented on greater customer numbers both at home and overseas, amid a
sustained recovery in overall market conditions," London-based data analytics
firm IHS Markit said in a statement accompanying the survey results.
Source : HKSG.
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