Activity in China’s service sector accelerated to a 15-month high on the back of strong growth in exports, a private survey showed on Monday.
The Caixin- Markit Chinese services business activity index, which provides a snapshot of operating conditions in the country’s services sector rose to 54.45 in April compared to 54.4 in March. The reading marks the strongest growth in the service sector since January 2018. A reading above 50 indicates expansion, while anything below it signals contraction.
New export orders increased by the most since the survey began measuring in 2014.
Chinese services companies surveyed said growth in activity had been helped by stronger demand across key overseas market.
Total new order maintained solid growth, however the survey found that Chinese economic activity slowed marginally from the 14-month high in March amid concerns over the strength of the global economy.
“In general, China’s economy looked resilient in April, especially in the services sector,” said Zhong Zhengsheng, director of macroeconomic analysis at CEBM Group, an affiliate of Caixin Global.
Ajeta Sinha
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