China Caixin PMI Services rose to 56.8 in October, up from 54.8, beat expectation of 55.2. That’s the second best reading since 2020, just after June’s high of 58.4. PMI Composite rose to 55.7, up from 54.5.
Wang Zhe, Senior Economist at Caixin Insight Group said: “Overall, as the domestic epidemic situation stabilizes, recovery remained the main economic theme…. The development of the epidemic in Europe and the U.S. is still an uncertain factor affecting economic trends. In the coming months, a continued recovery of the Chinese economy is highly likely, but it is necessary to be cautious about the normalization of monetary and fiscal policies in the post-epidemic period.”
