Activity in China’s services sector grew at a quicker rate in March, marking a 15-month streak of expansion as both exports and domestic demand picked up pace, according to a Caixin-sponsored survey released Wednesday, reports Caixin. The Caixin China General Services Business Activity Index, which provides an independent snapshot of operating conditions in industries such as retail and tourism, picked up 0.2 points in March from the previous month to 52.7. A reading above 50 indicates an expansion in activity, while a number below 50 signals a contraction.
The index, also known as the Caixin China services PMI, is one of the earliest available monthly indicators of business activity in the world’s second-largest economy. The services sector accounted for 54.6% of China’s GDP last year, according to government data.
The official services PMI, released by the National Bureau of Statistics (NBS) on Sunday, rose 1.4 points to 52.4 in March.