China’s July private services sector records acceleration

04.08.2021 - Evdokimov Roman
China’s July private services sector records acceleration

China’s service sector accelerated in July despite economic threats from the newest wave of COVID-19 outbreaks in the country.

The Caixin services purchasing managers’ index (PMI) climbed 54.9 in July from June’s 50.3. It was at the highest peak since May 2021. A figure higher than the 50 mark suggests economic growth.

The acceleration in July figures was attributed to the successful control of COVID-19 infections in Southern China. However, Caixin Insight Group senior economist Wang Zhe noted that the latest surge in COVID-19 cases could negatively affect PMI readings this month.

The service sector has lagged behind the manufacturing sector in recovering from the pandemic, but a boost in consumer spending was seen to close the gap.

Last Monday’s data showed Caixin manufacturing PMI hit a lower-than-expected 50.3 in July.

The non-manufacturing PMI and the manufacturing PMI were both lower than expected at 53.3 and 50.4, respectively.

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