China Caixin PMI Services rose to 53.5 in November, up from 51.1, beat expectation of 51.2. PMI Composite rose to 53.2, up from 52.0, highest in 21 months. Markit said that both manufacturers and services providers see solid increases in output. Overall inflationary pressures remain weak.
Commenting on the China General Services PMI™ data, Dr. Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group said: “China’s economy continued to recover in November, as domestic and foreign demand both improved. But business confidence remained subdued, reflecting the impact from uncertainties generated by the China-U.S. trade conflicts. That will restrain a recovery in economic growth. The trade dispute is the major reason behind the slowing economic growth this year, and will become a key factor affecting the stabilization and recovery of China’s economy next year.”
