China’s service sector growth shows strong recovery in consumer demand

China saw

China saw its key services sector expand for a sixth consecutive month in October, a new industry survey showed, as the world’s second largest economy continues its post-pandemic recovery.

The Caixin/Markit services Purchasing Managers’ Index (PMI), which reflects sentiment among smaller, private firms, rose from 54.8 in September to 56.8 at the start of the fourth quarter. While the two-point expansion is already considered a substantial increase, it is also the second-fastest growth for business activity since August 2010. The previous record expansion was seen in June this year, when the easing of coronavirus-related lockdown measures boosted consumer demand.

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