China Services Sector Rebounds Further on Boom in Spending, Caixin PMI Shows

China’s services sector extended its recovery in May, gathering momentum as activity expanded at the second-fastest pace since November 2020, a Caixin-sponsored survey showed Monday.

The Caixin China General Services Business Activity Index, which provides an independent snapshot of operating conditions in services industries such as retail and travel, climbed to 57.1 from 56.4 in April, staying in expansionary territory for the fifth straight month. A reading above 50 indicates an expansion in activity, while a number below that signals a contraction.