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Financial News: China Services Sector Picks Up Steam In October

China Services Sector Picks Up Steam In October - Caixin

11/02/2021 - 21:50:00 (RTTNews)

(RTTNews) - The services sector in China accelerated in October, the latest survey from Caixin showed on Wednesday with a services PMI score of 53.8.

That's up from 53.4 in September and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

New business also expanded at a stronger rate at the start of the fourth quarter. The rate of new order growth was the steepest seen for three months and solid overall, with a number of firms commenting that improved market conditions and increased customer demand had supported sales. Notably, new export orders returned to growth in October, following a slight fall in September. Though only marginal, the increase in foreign sales was the quickest for six months.

The survey also showed that the composite index ticked up to 51.5 from 51.4 in September.

Composite new business increased for the second straight month, and at a solid pace that was the fastest since May. Sector data showed that both manufacturers and service providers recorded stronger increases in sales in October.

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