Chinese PMI hits highest level in a decade in latest sign that the world's 2nd largest economy is surging back
China's Caixin Services PMI hit its highest level in a decade in June as economic activity continues to pick up in the first country hit by coronavirus.On Wednesday, the Caixin China manufacturing purchasing managers index rose to 51.2 compared to 50.7 in May.
The services sector accounts for almost 50% of China's GDP, so it is the latest sign the country's economy is recovering from its coronavirus slowdown. China's services PMI — a closely watched economic survey — hit a 10-year high on Friday in the latest sign that the country's economic recovery as it comes out of the worst of its coronavirus crisis is accelerating.
China's Caixin Services Purchasing Managers Index hit 58.4 for in June. The previous reading for May was 55. 50 is the separation point for expansion and contraction, so it is the latest sign that economic activity is picking up in China. PMI survey data is widely used to track trends in economic activity across the world's biggest economies.The services sector in China accounts for almost 50% of the country's GDP, so if it expands, the Chinese economy generally does too.
It is the latest sign that the world's second largest economy, which was first hit by coronavirus through an outbreak in the city of Wuhan, is experiencing an uptick in economic activity.
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