The December readings of the Caixin PMI surveys also point to improving economic sentiment. Expansions in total new orders and new export business supported optimism among manufacturers and service providers towards the business outlook for next year. Although China’s economic growth remains under downward pressure, it is still resilient. However, special attention should be paid to whether future policies will become tighter than expected.
China Services PMI at the highest level since August 2014
The Caixin China General Services Business Activity Index rose 2.0 points from the previous month to 53.9 in December, the highest level since August 2014. The expansion in new business picked up for the second consecutive month. Prices charged increased at a slightly slower rate in December, while input prices rose at the joint-fastest pace since February 2013. The Caixin China Composite Output Index rose 1.4 points from November to 53.0 in December, with both manufacturing and service sectors seeing stronger rates of growth.
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