Dec 04, 2024 09:45 AM
ECONOMY
China’s Services Sector Slows as Deflationary Pressure Grows, Caixin PMI Shows
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Growth in China’s services sector slowed in November as deflationary pressure intensified, according to a Caixin-sponsored survey published Wednesday.
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 51.5 in November, down 0.5 points from the previous month.
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- China's services sector growth slowed in November, with the Caixin Services PMI dropping to 51.5, indicating continued expansion but at a slower rate.
- The official services PMI was stable at 50.1, showing marginal growth for the sector, mainly due to deflationary pressures.
- The Caixin Composite PMI rose to 52.3, driven by manufacturing growth; however, employment remained weak across sectors due to economic stimulus effects yet to impact the labor market significantly.
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Who’s Who
- Caixin Insight Group
- Caixin Insight Group provides economic and financial analysis and conducts the Caixin PMI surveys, offering independent snapshots of operating conditions in China's economy. Senior economist Wang Zhe from Caixin Insight Group commented on the impact of policies and stimulus measures on market performance, noting the increase in positive factors but also highlighting ongoing economic pressures and the need for further stimulus.
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What Happened When
- September 2024：
- The official services PMI dipped into contraction.
- Late September 2024：
- Policies and additional stimulus measures started impacting the market.
- Early November 2024：
- Beijing announced a 10 trillion yuan package for local governments' hidden debt.
- November 2024：
- Growth in China's services sector slowed as deflationary pressure intensified.
- November 2024：
- The Caixin China General Services Business Activity Index recorded a value of 51.5.
- November 2024：
- Caixin PMI survey showed growth in supply and demand slowed; employment expanded fractionally.
- November 2024：
- Backlogs of work rose for the fourth month in a row.
- November 2024：
- Input costs increased at the slowest pace in 53 months.
- Saturday, November 2024：
- Official services PMI released by the National Bureau of Statistics remained unchanged at 50.1.
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