3/3, 2:52 AM (Source: TeleTrader)
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China services activity growth at 10-month low in February

The seasonally adjusted Chinese Services Business Activity Index stood at 51.5 in February, representing a decrease of 0.5 index points from the previous month, according to a report published on Wednesday by IHS Markit. The reading landed at the lowest point since April 2020.

Total new orders also fell to a ten-month low, while new export orders declined slightly for the first time since October 2020. Following six consecutive months of expansion, employment landed in the negative territory in February, while input costs nearly reached a ten-year high.

"Prices charged by service providers rose at a slower pace due to weakened market demand. Service providers were generally optimistic about the economic recovery, and were especially confident that both the domestic and overseas epidemics would fade. The gauge for business expectations rose from January," Senior Economist at Caixin Insight Group Dr. Wang Zhe noted in the report.

Breaking the News / MS