Activity in China's services sector further improved in April, with export sales rising at a record pace, a private business survey showed on Monday, although the longer-term outlook for new orders stayed subdued due to global economic uncertainties.
The Caixin/Markit services purchasing managers' index (PMI) climbed to 54.5, the highest since January 2018 and slightly up from 54.4 in March. The 50-mark separates growth from contraction.
Export orders increased the most since the survey began measuring this in September 2014.
While the growth contrasts with a slight slowdown suggested by official data last week, both readings indicated China's services sector remained firmly in expansionary territory.
The strength in services, which account for more than half of China's economy, would help to counter any volatility in the country's manufacturing sector, which is still searching for firm footing.
Caixin's composite manufacturing and services PMI slipped to 52.7 in April from 52.9 a month earlier, weighed down by the slowing expansion of factory activity.
Source : Reuters