China services sector grows less than expected - Caixin
By Michele Maatouk
Date: Monday 05 Feb 2024
(Sharecast News) - Activity in China's services sector grew less than expected in January, according to a survey released on Monday.
The Caixin services purchasing managers' index fell to 52.7 from 52.9 in December, missing expectations for a jump to 53.0. A reading above 50.0 indicates expansion, while a reading below signals contraction.
"The economy contends with significant challenges marked by numerous uncertainties and adverse factors," said Wang Zhe, senior economist at Caixin Insight Group. "This status quo has yet to experience a fundamental reversal."
Julian Evans-Pritchard, head of China Economics at Capital Economics, said: "The Caixin services PMI edged down in January. But it remained more upbeat than its official counterpart, with the average of the two picking up slightly.
"Coupled with an improvement in the manufacturing PMIs, this adds to wider evidence that China's economy is reaccelerating, albeit modestly. We think this recovery will continue in the near-term but go into reverse later in the year as the prop from stimulus wanes."
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