China’s Caixin PMI Services marked a significant rise to 52.9 in December from 51.5, achieving its highest level since July. Concurrently, PMI Composite, which combines both manufacturing and services, also saw an improvement, climbing from 51.6 to 52.6.
Wang Zhe, Senior Economist at Caixin Insight Group, noted that businesses are “expressing confidence” in an improved economic outlook for the coming year. This optimism is reflected in the business expectations gauge, which, despite being “about 3 points below” the 2023 average for the first 11 months, still aligns with the “historical mean” from 2012 to 2022.
