China Services Activity Shrinks for Fourth Straight Month, Caixin PMI Shows

Services activity in China shrank for the fourth straight month in December, though not as sharply as the previous month, as widespread Covid-19 outbreaks continued to drag on demand and operations, a Caixin-sponsored survey showed Thursday.

The Caixin China General Services Business Activity Index, which gives an independent snapshot of operating conditions in services industries such as retail and travel, rose to 48 in December from 46.7 the previous month. A number above 50 indicates an expansion in activity, while a figure below signals a contraction.