The Caixin China General Services PMI rose to 43.0 in March 2020 from a record low of 26.5 in the previous month. This was the second-lowest reading since the survey began in 2005, amid concerns over the longevity and severity of the COVID-19 pandemic. New orders fell at a softer pace despite the substantial decline in export sales, while employment fell for the second straight month and at a steeper rate and the rate of backlog depletion was the quickest seen since September 2015. On the price front, average input costs rose after falling substantially, driven by increased overtime payments and investment into anti-virus equipment for staff. Meanwhile, selling prices dropped again and at the steepest rate since April 2009, as part of efforts to increase sales. Looking ahead, confidence picked up slightly from February's record low but remained historically weak.

Services PMI in China averaged 52.06 points from 2012 until 2020, reaching an all time high of 54.70 points in May of 2012 and a record low of 26.50 points in February of 2020. This page provides the latest reported value for - China Services PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. China Services PMI - data, historical chart, forecasts and calendar of releases - was last updated on April of 2020. source: Markit Economics

Services PMI in China is expected to be 45.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Services PMI in China to stand at 53.00 in 12 months time. In the long-term, the China Services PMI is projected to trend around 52.20 points in 2021 and 51.50 points in 2022, according to our econometric models.

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China Services PMI

Actual Previous Highest Lowest Dates Unit Frequency
43.00 26.50 54.70 26.50 2012 - 2020 points Monthly


News Stream
China Service Contraction Eases in March: Caixin
The Caixin China General Services PMI rose to 43.0 in March 2020 from a record low of 26.5 in the previous month. This was the second-lowest reading since the survey began in 2005, amid concerns over the longevity and severity of the COVID-19 pandemic. New orders fell at a softer pace despite the substantial decline in export sales, while employment fell for the second straight month and at a steeper rate and the rate of backlog depletion was the quickest seen since September 2015. On the price front, average input costs rose after falling substantially, driven by increased overtime payments and investment into anti-virus equipment for staff. Meanwhile, selling prices dropped again and at the steepest rate since April 2009, as part of efforts to increase sales. Looking ahead, confidence picked up slightly from February's record low but remained historically weak.
2020-04-03
China Services Shrink at Record Pace: Caixin
The Caixin China General Services PMI plunged to a record low of 26.5 in February 2020 from 51.8 in the prior month, amid company closures and travel restrictions due to the damaging effect of the coronavirus on the economy. New orders, exports and employment all fell at the steepest rates on record. Consequently, backlogs of work rose substantially. On the price front, operating expenses declined at the fastest rate since the data collection started over 14 years ago, and selling prices were cut for the third in a row, and at a steeper rate. Looking ahead, business sentiment slipped to a survey low.
2020-03-04
China Services Growth Slows to 3-Month Low: Caixin
The Caixin China General Services PMI fell to 51.8 in January 2020 from 52.5 in the previous month, missing market consensus of 52.6. This was the weakest increase in the service sector output since October, as new orders grew the least in three months amid softening domestic demand, while employment broadly stagnated after expanding in each of the prior 15 months. Meantime, new export business accelerated on the back of improving Sino-US relations following a preliminary trade deal between the two countries. On the price front, input price inflation hit a 10-month low, while selling prices fell as some firms reduced their prices to help boost new order intakes. Lastly, sentiment strengthened to a 16-month high, boosted by planned company expansions, entry in to new markets, new product releases and signs of improving demand in the property sector.
2020-02-05
China Services Growth Slows in December: Caixin
The Caixin China General Services PMI fell to 52.5 in December 2019 from a seven-month high of 53.5 in the previous month. New business increased the most since September despite a slowdown in export order growth, while the rate of job creation was only marginal, with a number of companies adopting relatively cautious approaches to hiring amid efforts to contain costs and boost efficiency. Service providers recorded higher backlogs of work at the end of 2019, recovering from November's fall, as greater volumes of new work imparted pressure on capacities. On the price front, input cost inflation eased to a nine-month low, while output charges fell for the first time since September 2018. Finally, business sentiment edged down to the second-lowest on record, amid concerns over ongoing trade tensions, relatively subdued economic growth and staff shortages.
2020-01-06

China Services PMI
The Caixin China General Services PMI (Purchasing Managers' Index) is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 private service sector companies. The index tracks variables such as sales, employment, inventories and prices. A reading above 50 indicates that the services sector is generally expanding; below 50 indicates that it is generally declining.