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.
中新经纬1月11日电 11日，“中国充电联盟”微信号发布2023年全国电动汽车充换电基础设施运行情况。 公共充电基础设施运行情况 2023年12月比11月公共充电桩增加10.0万台，12月同比增长51.7%。截至2023年12月，联 直播电商人才：是“野蛮生长”还是“学院派”培养 在2024年寒假来临之前，北京电子科技职业学院电子商务(京东定向培养)专业的学生，迎来了一次直播实操培训课。 整个教学安排持续了近两周。前4天，由合作企业的老 春节档缘何爆发“撤档潮” 2024年春节档以80亿总票房打破多个纪录，迎来开门红。而8部影片有4部官宣“退档”，也为这个春节档带来了“史上罕见”的标签。一时全网哗然，#我也退出了春节档#、#撤档元年#等成热门话题 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 “新年刚过，我已经买好了十一旅游的机票” 中新网北京2月23日电(张钰惠)在年初就买好全年的旅行机票，是一种怎样的体验？近日，三亚、哈尔滨等网红城市的天价返程机票引发关注。为了最大程度上避开高价机票，压缩旅 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 。本文链接：Services sector expansion drives recoveryhttp://www.sushuapos.com/show-5-24036-0.html
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