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Financial News: China Services Sector Ebbs In August - Caixin

China Services Sector Ebbs In August - Caixin

09/03/2024 - 21:48:00 (RTTNews)

(RTTNews) - The services sector in China continued to expand in August, albeit at a slower pace, the latest survey from Caixin revealed on Wednesday with a services PMI score of 51.6.

That's down from 52.1 in July but remains above the boom-or-bust line of 50 that separates expansion from contraction.

Service activity expansion was sustained by rising new business inflows in August according to the latest data. Chinese service providers often linked the expansion of new work to better underlying demand conditions and a widening of service offerings.

In line with overall business activity, new work inflows expanded at a softer rate compared to July. In contrast, export business increased at an accelerated pace. According to panelists, there was an uptick in overseas client interests, including in the tourism industry, which supported faster export business growth.

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