Reported 12 months ago
China's services sector activity expanded at the slowest pace in eight months, with confidence hitting a four-year low in June. The Caixin/S&P Global services PMI dropped to 51.2 from 54.0 in May, the lowest since October 2023 but still in expansion territory. Slower growth in new orders suggests a need for more economic stimulus to reach a growth target of 5%. Business confidence levels dropped, and service providers scaled back hiring. However, lower inflation rates for input and output prices offered some relief. The composite PMI, covering both services and manufacturing, also decreased, with attention now turning to potential reforms at a leadership meeting in July.
Source: YAHOO