China’s services activity expanded at the fastest pace in five months thanks to a solid rise in new business, a private-sector survey showed on Thursday, lifting the degree of optimism in the sector to a three-month high, reports Reuters. The data, offering a snapshot of business sentiment, was in contrast to an official survey on Sunday which showed a sub-index of services activity shrank again at the end of 2023, raising calls for more stimulus measures in the new year.
The Caixin/S&P Global services purchasing managers’ index (PMI) rose to 52.9 in December from November’s 51.5, above the 50-mark separating growth from contraction and posting the highest reading since July.
Aided by robust new business which expanded at the fastest rate since May, firms attributed the improvement to rising customer numbers and spending.