Politics
China's services gauge hits highest level since May thanks to stimulus measures
(Bloomberg) — Services activity in China grew at its fastest since May, a private survey showed, signaling an improvement in domestic demand after Beijing's stimulus blitz.
The Caixin China Services Purchasing Managers' Index rose to 52.2 in December from 51.5 the previous month, according to a statement released Monday by Caixin and S&P Global. The median forecast of economists surveyed by Bloomberg was 51.4. A reading above 50 indicates expansion.
The figure matches an official survey released last week showing that the services sector, along with construction and manufacturing, improved after authorities announced a series of stimulus measures in late September. The strong recovery in activity would be welcomed by policymakers seeking to support domestic demand to offset the effects of a possible trade war with the new Trump administration.
But the private survey also showed that new export activity fell for the first time since August 2023, suggesting a slowdown in foreign demand.
Service companies were cautious about hiring, with the employment indicator contracting for the first time in four months, according to Caixin. Businesses cited competitive markets and uncertainties about global trade as their top concerns.
Significant downward pressures persist, with tepid domestic demand and growing unfavorable external factors, Wang Zhe, senior economist at Caixin Insight Group, said in a statement. At the same time, employment remains sluggish and profit margins have been squeezed, leading to a decline in market optimism.
Top officials led by President Xi Jinping last month elevated boosting consumption and domestic demand to the top priorities of economic work this year, only the second time in at least a decade. They listed a few priority areas, including helping low-income groups and improving the social safety net, although Chinese leaders have yet to provide details of their plans.
Unlike the official services PMI, the Caixin survey focuses on small private businesses.
(Updates with more details)
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