8/4, 3:46 AM (Source: TeleTrader)
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Chinese services sector growth accelerates in July

The activity in the Chinese services sector increased in July, according to the latest data from IHS Markit released on Wednesday. The seasonally adjusted Caixin China General Services Business Activity Index stood at 54.9 in July, jumping from June's reading of 50.3 and topping estimates.

"Services supply and demand have both expanded for 15 straight months. As the epidemic in the Pearl River Delta region was brought under control, the recovery of services supply and demand accelerated," Wang Zhe, senior economist at Caixin Insight Group, stated. "The measure for employment bounced back into expansionary territory, as enterprises gradually increased hiring in a response to growing market demand," Wang added.

Meanwhile, the Caixin China General Composite PMI climbed from 50.6 in June to 53.1 in July as output, total new orders, new export business and employment all accelerated.

Breaking the News / NP