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.
机票扩大免费退改范围：航司越“卷”消费者越得利 然玉 1月10日起，南航、东航新版机票退改规则生效。根据公告，南航、东航扩大了客票免费退改范围，放宽了因病退改规则，并新增了票价波动的退票规则等。被视为“ 多地多部门走访逾80家深市公司 集中“会诊”破解发展难题 本报记者 田 鹏 在部署走访上市公司工作、推动上市公司高质量发展全国视频会议1月29日召开后，多地紧锣密鼓组织专班调研走访上市公司，深交所作为证券 吃不完，根本吃不完！已经是年后的第三个工作日了。从全国各地陆续返回工位的人们，依然能回忆起被某种春节限定美食支配一整个假期的恐惧。“各省都有自己的噩梦”这个热搜年前就火了，但只有经历过“每 2月21日，湖北省仙桃市委书记孙道军，市委副书记、代市长熊享涛，会见湖北鼎龙控股股份有限公司董事长朱双全、深圳深创生物医药有限公司董事长马亚平一行，就具体项目开展洽谈。政企双方表示，要务实合作、携 2023年北京高精尖产业新设市场主体占比提升至66.1% 中新网北京2月22日电 (记者 吕少威)京津冀协同发展十年来，北京科技、商务、文化、信息等高精尖产业新设市场主体占比由2013年的40.7%上升至2023年的66.1%。 。本文链接：Services sector expansion drives recoveryhttp://www.sushuapos.com/show-5-24036-0.html
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