The Inner Street Culture Creative Park is bustling with activity during the night market in Qingxiu district, Nanning, Guangxi Zhuang autonomous region, on April 16, 2024. [Photo/CFP]
China's business activity recovered further in July, with the services sector expanding at an accelerated pace due to improvements in both demand and supply, according to a private survey report.
As challenges and uncertainties remain, expanding domestic demand, particularly by spurring consumer sentiments and improving the offering of consumer goods and services, should be among the top priorities for policymakers, in order to strengthen the world's second-largest economy in the coming months, experts said.
The Caixin China General Services Purchasing Managers' Index rose to 52.1 in July from 51.2 in June, according to the report released on Monday by media group Caixin. The figure, which is above the 50-point mark that separates growth from contraction, remained in expansionary territory for the 19th consecutive month.
Citing the previously released Caixin manufacturing PMI for last month, which fell to 49.8 in July from 51.8 in June, the report noted that faster services activity growth was offset by a slower and only marginal rise in manufacturing production, with the Caixin composite PMI, which includes activity in both sectors, posting 51.2 in July against 52.8 in June.
"The services sector saw improvement, while manufacturing faced greater pressure. The former outperformed the latter in terms of supply, demand and employment," said Wang Zhe, senior economist at Caixin Insight Group. "Regarding market expectations, optimism improved compared to June, although the corresponding gauge remained at a low level."
As China's GDP growth in the second quarter slowed to 4.7 percent year-on-year, after 5.3 percent growth in the first quarter, Wang said it will be "challenging" for the country to meet its annual growth target of around 5 percent.
"The most prominent issues include the still-weak effective domestic demand and low market optimism. Therefore, policy efforts should focus on stabilizing growth, improving employment, safeguarding people's livelihoods, intensifying policy stimulus, ensuring effective implementation of previous policies, and unleashing market vitality," he said.
In its latest efforts to spur domestic demand, China announced a plan to boost consumption by expanding opening-up in the services sector, improving the supply of services and fostering new services consumption scenarios.
On Saturday, the State Council, China's cabinet, issued a 20-point guideline aimed at tapping the consumption potential, boosting new types of consumption, and strengthening the growth momentum in services spanning hospitality, elderly care, nursery services, entertainment, tourism, sports and education.
Among exports, investment and consumption, the traditional "troika" powering China's economic development, spurring consumption will be the key driving force boosting China's economic growth, said Chen Wenling, chief economist at the Beijing-based China Center for International Economic Exchanges.
To further prop up the economy, China needs to take more measures to boost consumer sentiment and confidence as well as expand consumer demand, so more efforts are needed to stabilize the job market and improve the supply-side offering of consumer goods and services, Chen told China Daily on the sidelines of a symposium organized on Monday in Beijing by Renmin University of China's Chongyang Institute for Financial Studies.
A research report, titled Decisive Battle: The Progress of China's Comprehensively Deepening Reform and High-Standard Opening-Up in the New Era and Prospects for 2029 and 2035, was released during the symposium, which took a rosy view of China's economic prospects in the years ahead. According to the report, China's new quality productive forces are poised to continue to grow in 2029, with strategic emerging industries accounting for more than 20 percent of GDP. By then, more than 40 percent of Fortune Global 500 companies will be from China.
商务部新闻发言人2月22日表示，春节期间，消费市场年味浓、活力足、人气旺，销售较快增长，实现良好开局。预计一季度消费市场将呈现平稳增长态势。春节期间，消费活动丰富多彩。商务部举办全国网上年 中新经纬2月23日电(罗琨 实习生 徐畅)“中国确实是面向未来的全球技术中心，我很高兴又一次来到中国，在这里进行深入研究。”近日，科勒集团全球首席品牌官赛米・巴尔(Samie Barr)在广州接受中新经纬专访时表示。赛米 大叔追“鸟”、小伙爱“骆驼”，北面户外业务“群狼环伺” 王涵艺 近日，威富集团(VFC.N)发布2024财年第三季度财报(截至2023年12月30日的三个月内)，集团收入同比下滑16%至29.60亿美元(约合213亿元人民币)，净利润 2023年能源投资保持快速增长(新数据 新看点) 新能源完成投资额同比增长超34% 本报北京2月22日电 (记者丁怡婷)记者近日从国家能源局获悉：2023年，我国能源投资保持快速增长，据监测，全国在建和年内拟开工能源重点 冲上热搜！瑞幸9.9元咖啡有重大变化 每经记者 杨昕怡 每经编辑 卢祥勇 刘雪梅 瑞幸似乎不再恋战。 近日，当节后复工的上班族们想点一杯咖啡“续命”时，意外发现瑞幸9.9元优惠券的可使用范围大幅缩水。“ 京津冀以就业服务协同激发区域就业新活力 中新网北京2月22日电 (记者 杜燕)在京津冀协同发展战略实施十周年之际，京津冀三地人社部门22日在北京城市副中心三大建筑之一――北京城市图书馆联合举办“京津冀人社 。本文链接：Services sector expansion drives recoveryhttp://www.sushuapos.com/show-5-24036-0.html
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