ECONOMY

China Services Growth Picks Up but Unemployment Pressure Persists, Caixin PMI Shows

Published: Apr. 3, 2025 9:45 a.m. GMT+8

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Growth in China’s services sector accelerated in March, but a shrinking job market and stubborn deflationary pressure remained concerns, according to a Caixin-sponsored survey published Thursday.

The Caixin China General Services Business Activity Index, which provides an independent snapshot of operating conditions in industries such as retail and tourism, came in at 51.9 in March, up 0.5 points from the previous month.

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China's services sector showed growth in March, with the Caixin China General Services PMI rising to 51.9, indicating sector expansion despite shrinking employment and deflationary pressure concerns.
Input costs in the sector increased slightly, but service prices fell, driven by competition, while hopes for domestic policy support persisted despite global trade environment worries.
The overall economic activity grew, highlighted by the Caixin China General Composite PMI rising to 51.8, but issues like the sluggish job market and weak domestic demand remain pressing challenges.

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