China's services sector grows again in March
By Michele Maatouk
Date: Thursday 06 Apr 2023
(Sharecast News) - Activity in China's services sector grew at the fastest pace in two and a half years in March, according to data released on Thursday.
The Caixin services purchasing managers' index rose to 57.8 from 55.0 in February, coming in ahead of expectations for it to be unchanged. This marked the third increase in a row and the fastest rate of expansion since November 2020.
Increased activity levels were linked to sustained improvements in operating conditions and new order intakes following the recent easing of Covid measures. Caixin said new export business expanded at the quickest rate on record.
Dr. Wang Zhe, senior economist at Caixin Insight Group, said: "Services supply and demand expanded rapidly last month. The market returned to normal quickly after the most recent wave of Covid-19 infections subsided, fuelling both supply and demand. In March, the gauges for business activity and total new business continued to rise within expansionary territory, both reaching their highest level since November 2020.
"Moreover, the easing of international travel restrictions boosted services exports, with the measure for new export orders logging the highest reading since records began in September 2014."
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