By South China Morning Post | Created at 2024-11-05 02:31:29 | Updated at 2024-11-05 05:28:10
3 hours ago
China’s services activity expanded at the fastest pace in three months in October, helped by early signs that Beijing’s big stimulus push was helping improve business conditions, a private-sector survey showed on Tuesday.
The Caixin/S&P Global services purchasing managers’ index (PMI) grew to 52 in October from 50.3 in the previous month. The 50-mark separates expansion from contraction on a monthly basis.
The reading matched the official PMI released last week, which showed non-manufacturing activity, including services and construction, broke back into expansion.
China’s economy grew at the slowest pace since early 2023 in the third quarter, with the crisis-hit property sector showing few signs of steadying as Beijing races to reach its annual growth target.
