China's service sector continued to be weighed down by Covid, although it offered signs of improvement, according to PMI

MADRID, 5 Ene.

China's service sector continued to be weighed down by Covid, although it offered signs of improvement, according to PMI

MADRID, 5 Ene. (EUROPA PRESS) -

Activity in the Chinese service sector contracted again in December for the fourth consecutive month as a result of the impact of the Covid-19 outbreaks and the restrictions implemented, according to the purchasing managers' index (PMI), prepared by Caixin, although the pace of fall was somewhat less intense than in previous months.

Specifically, China's services sector PMI for December rebounded to 48 points from 46.7 the previous month, still below the equilibrium threshold of 50 points.

For its part, China's manufacturing PMI worsened slightly in December, falling to 49 points from 49.4 the previous month, thus accumulating five consecutive months of contraction.

Lower production was often related to the impact of Covid-19 containment measures on operations, including temporary business closures and customer demand. However, some companies indicated a relative improvement in conditions compared to November, said those responsible for the survey.

"Optimism improved significantly. Service providers expressed high confidence in an economic recovery following the relaxation of Covid containment measures," said WangZhe, chief economist at Caixin Insight Group.

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