China Services Growth Rebounds on Strong Supply and Demand, Caixin PMI Shows

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Growth in China’s services sector accelerated in October, following its slowest pace in a year the previous month, according to a Caixin-sponsored survey published Tuesday.

The Caixin China General Services Business Activity Index, which provides an independent snapshot of operating conditions in industries such as retail and tourism, came in at 52 in October, up 1.7 points from the previous month.

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China's services sector growth accelerated in October, with the Caixin services PMI rising to 52 from 50.3 the previous month, indicating expansion.
Despite increased demand, employment saw only minor growth, and backlogs continued to rise due to insufficient workforce and demand growth.
The Caixin composite PMI, combining services and manufacturing, improved to 51.9, with policy measures aiming to support economic growth amidst market optimism and subdued price pressures.

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Who’s Who

Caixin: Caixin is known for providing independent economic data and insights, including the Caixin China General Services Business Activity Index and the Caixin China General Composite PMI, which offer early monthly indicators of business activities in China. Their surveys reveal trends in sectors like services and manufacturing, offering insights on growth, employment, and market optimism. Caixin also monitors the impact of economic policies and initiatives.

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What Happened When

September 2024：: Caixin China General Services Business Activity Index was at its slowest pace in a year.

October 2024：: Growth in China's services sector accelerated according to the Caixin China General Services Business Activity Index.

October 2024：: The official services PMI released by the National Bureau of Statistics showed an increase to 50.1.

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