China services sector growth soars in November

Fast progress: JD Logistics’ couriers get ready for the Singles Day Grand Promotion at JD’s highly automated smart sorting centre in Beijing. China’s services sector growth surged in November, signalling strong consumer demand on the back of recovery. — AP

SHANGHAI: Growth in China’s services sector accelerated in November as new business rose at a steady clip, signalling strong consumer demand in the country, a private survey said.

The Caixin/Markit China General Services Purchasing Managers’ Index (PMI), which measures business activities of the sector and surveys mostly smaller businesses, rose to 57.8, the second-highest reading since April 2010, from October’s 56.8. It represented a one percentage point growth on a monthly basis. The reading was just 0.6 percentage point lower than the decade-high of 58.4 registered in June.