China's services activity expansion slowed a touch amid rising costs, but growth in new orders accelerated and business sentiment rose solidly in a boost to hopes of a sustained economic recovery, a private sector survey showed on Monday.
Mainland Chinese tourists look out at the skyline of buildings at Tsim Sha Tsui, in Hong Kong, China May 2, 2023. REUTERS/Tyrone Siu/File PhotoBEIJING, May 6 - China's services activity expansion slowed a touch amid rising costs, but growth in new orders accelerated and business sentiment rose solidly in a boost to hopes of a sustained economic recovery, a private sector survey showed on Monday.
"The strong start to the year is consistent with the Caixin manufacturing and services PMIs, which have remained in expansionary territory for several straight months," said Wang Zhe, Senior Economist at Caixin Insight Group. Companies did continue to face some cost pressure, with input price rises for material, labour and energy though the uptick remained below the long-run survey average. That led firms to increase prices charged to their customers, while they remained reluctant to fill vacancies created by departures.
CEN ECI ECO ILEI IPR MCE MPLT NEWS1 PLCY PMI EASIA ASXPAC EMRG CN ASIA ECON TOPNWS
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