Service index shows signs of stabilizing economy
China's service sector expanded in November at the fastest pace since March as corporate confidence improved with a substantial increase of new orders, a private business survey showed on Wednesday.
Analysts said the stronger performance of the service sector adds to the evidence that the Chinese economy is stabilizing and that the sector, which already accounts for more than half of China's GDP, will continue as a key growth driver in 2020.
The Caixin China General Services Business Activity Index rose to a higher level than in each of the preceding seven months-53.5 in November, up from 51.1 in October. The indicator for new export orders rose to a four-month high while overall new business also rebounded from the previous month with improved external and domestic demand, according to a survey jointly released by media group Caixin and information provider IHS Markit.