The growth of activity in the service sector of China accelerated in April

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In April, China recorded an acceleration in business activity in the service sector, helped by a significant increase in new orders. According to Caixin Media and IHS Markit, the PMI in the services sector was 54.5 points, up from 54.4 points recorded a month earlier. New export orders showed the fastest growth rates since the end of 2014. Chinese service companies recruited new employees in April at the fastest pace in ten months. The operating expenses of such companies showed the most significant growth since September last year. Prices for services rose at the fastest pace since June 2018. At the same time, due to the weak manufacturing sector, China’s consolidated PMI fell to 52.7 points from 52.9 points in March.

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