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China Service Sector Growth Improves In February
(RTTNews) - China's service sector grew at a faster pace in February on a moderate growth in new business, survey results from S&P Global showed on Wednesday.
The services Purchasing Managers' Index rose unexpectedly to 51.4 in February from 51.0 in January. The reading was forecast to fall to 50.8.
The score has remained above the neutral 50.0 mark for 26 consecutive months, signalling a sustained period of continuous growth.
The expansion of activity was driven by a combination of higher sales, the start-up of new projects and promotional work. New export business also grew at the fastest pace in three months.
Employment rose only fractionally in February following two consecutive declines.
Optimism among service providers improved to its highest level since last November. Firms were hopeful of stronger market demand and better economic conditions.
Regarding prices, the survey showed that input prices dropped marginally due to lower market demand and general reduction in the price of some raw materials. A marginal reduction in output charges was also registered in February.
Driven by the moderate growth in manufacturing and service sectors, the overall private sector growth accelerated in February. The composite output index climbed to 51.5 from 51.1 in January.
"March represents a critical moment for policymakers," Caixin Insight Group Senior Economist Wang Zhe said. "Supportive measures should address market expectations and societal concerns, focusing on key economic bottlenecks," the economist added.
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