ECONOMY

China’s Services Sector Buoyed by Stronger Demand, Caixin PMI Shows

Published: Jan. 6 9:45 a.m. GMT+8

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Activity in China’s services sector expanded at a faster pace in December, buoyed by accelerated growth in demand, according to a Caixin-sponsored survey published Monday.

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 52.2 in December, up 0.7 points from the previous month.

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China's services sector showed accelerated growth in December, with the Caixin China services PMI rising to 52.2, surpassing the 50-point expansion threshold.
Demand grew at the fastest rate since July, while the official services PMI increased by 1.9 points, reaching its highest level since March.
Despite rising input costs and employment constraints, market concerns persist regarding competition and global trade, leading to a decline in future activity expectations.

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Who’s Who

Caixin: Caixin is an independent organization that sponsors the Caixin China General Services Business Activity Index, also known as the Caixin China Services PMI. It provides early monthly indicators of business activity in China's services sector, which includes industries like retail and tourism. Caixin also tracks the composite PMI, which measures both manufacturing and services sectors, and they offer insights into economic trends, supported by data and analysis from Caixin Insight Group.

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What Happened When

Since August 2023：: External demand declined for the first time, hitting a two-year low.

By September 2025：: Chinese government has been implementing synergy of existing policies and additional stimulus measures, aiding the market positively.

Since late September 2025：: China increased economic growth efforts with various stimulus measures including reserve requirement ratio cuts and mortgage rate reductions.

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