Economic recovery points to strong momentum: Report

Tag:Economic recovery points to strong momentum: Report 2020-10-14 18:57

More evidence has pointed to a strong recovery momentum of China's economy after the COVID-19 epidemic, news channel Al Jazeera reported.

China's service sector continues its rebound, with the Caixin services purchasing managers index rising to 54.8 in September from August's 54.0, the highest reading since June.

The services sector, which accounts for about 60 percent of the economy and half of urban jobs, had initially been slower to return to growth than large manufacturers, but the recovery has gathered pace in recent months, according to the report.

Firms hired more for the second month in a row, although still at a modest rate, indicating some recovery in the labor market.

"The services sector's post-epidemic recovery showed signs of speeding up," the Qatar-based news channel quoted Wang Zhe, senior economist at Caixin Insight Group, as saying.

China's official PMI also showed activity in the services sector expanded at a faster pace in September.

The purchasing managers' index for China's non-manufacturing sector came in at 55.9 in September, up from 55.2 in August, according to the National Bureau of Statistics. The non-manufacturing PMI has remained above 50 for seven months in a row.

Recent economic indicators ranging from trade to producer prices have all suggested a further pick up in the industrial sector, adding to the demand recovery.

The International Monetary Fund earlier predicted that China will be the only G20 country to post positive annual GDP growth this year.


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