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.
Services PMI in China averaged 52.41 points from 2012 until 2020, reaching an all time high of 54.70 points in May of 2012 and a record low of 50 points in July of 2014. 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. source: Markit Economics
Services PMI in China is expected to be 48.00 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 52.00 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.