China Services Growth Accelerates on Domestic Demand Uptick, Caixin PMI Shows
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Growth in China’s services sector accelerated in May, with overall demand and business confidence improving. But foreign demand contracted for the first time this year amid continued trade uncertainties, according to a Caixin-sponsored survey published Thursday.
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 51.1 in May, up 0.4 points from the previous month.
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- China's services sector grew in May, with the Caixin China General Services Business Activity Index at 51.1, up 0.4 points.
- Foreign demand contracted in May for the first time this year, amid uncertainties in global trade.
- The Caixin China General Composite PMI, tracking manufacturing and services, fell to 49.6 in May, indicating a contraction.
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What Happened When
- Start of Q2 2025：
- Some major macroeconomic indicators showed a marked weakening.
- May 2025：
- Growth in China’s services sector accelerated, with overall demand and business confidence improving.
- May 2025：
- Caixin China General Services Business Activity Index reached 51.1, up 0.4 points from April 2025.
- May 2025：
- New export business in services contracted for the first time since December 2024.
- May 2025：
- Job market in services posted a slight expansion, ending two months of contraction, reaching a six-month high.
- May 2025：
- Input costs in services grew at the fastest pace in seven months; prices charged to customers fell for the fourth straight month, with the steepest drop since September 2024.
- May 2025：
- Business optimism in services sector improved slightly, with expectations indicator rising just over 1 point from April 2025 but remaining below historical average.
- May 2025：
- Caixin China General Composite PMI came in at 49.6, down 1.5 points from April 2025, marking the first contraction since December 2022.
- May 2025：
- China introduced more monetary measures, including lowering banks’ reserve requirement ratio for the first time since September 2024, and cutting its key policy rate to a record low.
- May 12, 2025：
- China and the U.S. announced a 90-day truce in the tariff war, suspending or removing most new levies.
- May 31, 2025：
- Official services PMI for May 2025, released by National Bureau of Statistics, ticked up by 0.1 points from April 2025 to 50.2.
- June 5, 2025：
- Caixin-sponsored survey results showing May 2025 services sector growth published.
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