China's services sector accelerates in March with surge in new business

Posted on April 5, 2024   |  

China's economy exhibits signs of a gradual recovery, as services activity accelerates in March.

New business experiences the fastest growth in three months, signaling a strengthening underlying demand.

The Caixin/S&P Global services purchasing managers’ index (PMI) increased to 52.7 in March, extending its expansionary streak for the 15th consecutive month.

The surge in new business expansion is attributed to efforts to stimulate new orders, marking the quickest pace since December.

Business confidence receives a boost, with the sub-index of future activity recording its first increase in three months.

Despite improved sales and confidence, there is no significant rise in hiring, as employment levels declined for the second consecutive month in March, albeit at a slower rate than in February.