(Yicai Global) May 7 -- The seasonally adjusted China's Caixin General Services Purchasing Managers' Index posted a reading of 44.4 in April, up from 43.0 in March. The data marks a contraction for the third month in a row due to weakening demand both at home and overseas amid the coronavirus pandemic.
Its findings are inconsistent with the official index. The official non-manufacturing PMI compiled by the National Bureau of Statistics was up 0.9 point to 53.2.
The official PMIs encompass 3,000 companies, mostly state run. The Caixin PMIs, also known as the Caixin-Markit indexes, cover 500 businesses that are generally smaller and privately owned.
The Caixin China Composite Output Index rose from 46.7 in March to 47.6, showing the negative impact of the Covid-19 pandemic on business operations and demand, it said.
Editor: Ben Armour