Services activity in China continued expanding last month as both domestic and overseas demand grew, a Caixin-sponsored survey showed Thursday, adding to evidence that the economic recovery was gathering momentum as manufacturing also posted solid growth.
The Caixin China General Services Business Activity Index, which gives an independent snapshot of operating conditions in the services sector, rose to 57.8 in November from 56.8 the previous month, hitting the second-highest level since April 2010, below only June’s 58.4 reading.
A number above 50 indicates an expansion in activity, while a figure below that points to a contraction. The index, better known as the Caixin China services PMI, has been in expansionary territory for seven months in a row.
Demand for services expanded faster last month than in October as growth in new business hit the highest level since April 2010. “Panel members frequently commented on greater customer numbers both at home and overseas, amid a sustained recovery in overall market conditions,” London-based data analytics firm IHS Markit said in a statement accompanying the survey results.