The Caixin China services Purchasing Managers' Index climbed to 44.4 in April, improving for two consecutive months, but it was below 50 for three consecutive months, reflecting that the service industry has declined. In February, the reading fell to a record low of 26.5 as the Chinese economy stalled due to the coronavirus outbreak. New orders fell for three consecutive months, but the decline narrowed. The decline in new business also triggered a further slide in outstanding orders among service providers in April, despite the reduction in staff. Caixin expects a macroeconomic stimulus package to be launched soon, providing aid for businesses, safeguarding employment and boosting investment and consumption.

Source: The Standard May 07, 2020 07:41 UTC