Yicai Global) June 3 -- China's Caixin purchasing managers' index for services rose from 44.4 in April to 55 last month to reach an apex unseen since November 2010.
Both manufacturing and service industry production grew significantly in the month. The service sector has swiftly recovered from the impact of Covid-19, with demand for it recovering faster than manufacturing, said Wang Zhe, senior economist of Caixin Think Tank.
Caixin purchasing managers' index for manufacturing posted a reading of 50.7 on June 1 for May, its highest since February.
The Caixin PMIs, also known as the Caixin-Markit indexes, cover 500 businesses that are generally smaller and privately owned. The official PMIs encompass 3,000 companies, mostly state run.
Editor: Ben Armour