Hong Kong
CNN
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A key index measuring the strength of China’s massive services sector jumped to its highest level in more than a decade, as the country’s economic recovery gained traction.
The official non-manufacturing Purchasing Managers’ Index (PMI) soared to 58.2 in March from 56.3 in February, marking the best level since 2011, according to the National Bureau of Statistics (NBS). The index measures business activity in the services and construction industries.
The services sector is crucial to China’s economy and jobs. It accounts for 55% of GDP and 48% of employment.
It was hit hard by the country’s draconian zero-Covid policy, particularly industries such as tourism, catering and retail.
“The official PMIs suggest that China’s rapid reopening recovery remained robust this month,” Capital Economics analysts wrote on Friday.
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2023-03-31 03:20:25
Article from www.cnn.com