China's services sector continued to expand in April for the fourth consecutive month amid improving market conditions, according to a report jointly published by S&P Global and Caixin Insight on Friday.
The seasonally adjusted headline Business Activity Index slid versus March to 56.4 points, setting the second-highest figure since November 2020. New foreign businesses also rose at a historical pace, with employment growth moderating amid expanding new order volumes. However, input cost inflation rose to a one-year high in the same period.
"There was still a lot of optimism in the services sector in April ... Businesses continued to express confidence in a better market environment as the impact from Covid waned," Caixin economist Wang Zhe commented on the data.
