6 January 2025

China’s Caixin/S&P Global services PMI rose to 52.2 in Dec, up from 51.5 in Nov.

  • China’s services activity expanded at the fastest pace in seven months in December, driven by a surge in domestic demand, but orders from abroad declined, reflecting growing trade risks to the economy, a private sector survey showed.
  • According to Reuters, The Caixin/S&P Global services purchasing managers’ index (PMI) rose to 52.2 in December from 51.5 the previous month. The growth pace was the fastest since May 2024, surpassing the 50-mark that separates expansion from contraction on a monthly basis.
  • The findings broadly align with China’s official PMI released last week, which indicated non-manufacturing activity recovered to 52.2 from 50.0 in November.
  • The survey showed the new business sub-index rose to 52.7 in December from 51.8 in November. However, new business inflows from abroad fell for the first time since August 2023.
CROSBY Research – Crosby Bi-noculars (Bi-weekly Issue 72)