Caixin China General Services PMI Hits Zenith Since January 2018
Xu Wei
DATE:  Apr 04 2019
/ SOURCE:  yicai
Caixin China General Services PMI Hits Zenith Since January 2018 Caixin China General Services PMI Hits Zenith Since January 2018

(Yicai Global) April 3 -- The Caixin China General Services Business Activity Index rose to 54.4 last month from 51.1 in February after seasonal adjustment to hit its highest growth rate since January last year.

Data released yesterday by London-based market research institute IHS Markit on its website records this rise.

Caixin China's service and composite purchasing managers' indexes exhibited the same trends as China's National Bureau of Statistics' figures. The service BAI given by the NBS was 53.6, an increase of 0.1 points.

The number of new orders in the service industry pushed the growth to its highest rate in 14 months. Optimism across the service sector was also at a three-month peak, the agency said.

The Caixin China General Manufacturing PMI rose 0.9 points in March to 50.8 to cross over into expansion territory for the first time in four months. A reading over 50 signals expansion and one below contraction. Significant growth of the two industries drove the Caixin China General Composite PMI to rebound by 2.2 points to 52.9, the highest since June last year, the agency said.

China's economic prosperity significantly revived last month, as reflected in rising demand. Manufacturing employment has greatly improved, entrepreneurs are still prudent and price rises are losing steam. 

The average Caixin China General Manufacturing PMI has still been on the contraction side of the scale over the past three months, said Zhong Zhengsheng, chairman and chief economist of Caixin Think Tank Monita Research. 

The Caixin China Composite Output Index is showing signs of an initial recovery after a relatively low start in 2019, but it is too early to say that the Chinese economy is stabilizing at this time, he warned.

Editor: Ben Armour

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Keywords:   Caixin,PMI