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.
刚被罚款3.55亿美元后 特朗普“带货”球鞋 中新网2月19日电 据美联社消息，当地时间17日，美国前总统特朗普在一场商业活动中带货了一双“特朗普”牌的金色球鞋，引发热议。 据报道，特朗普当天在费城会议中心举行 检察题材电影《第二十条》春节档全国热映，艺术地诠释了“法不能向不法让步”的司法理念，受到社会各界的广泛关注。最高检微信公众号即日起开设“你评我说·检察官看《第二十条》”专栏，邀请检察人员 中国经济导报 中国发展网讯 2024年春节期间，兰州市西固区各大旅游景区、乡村旅游点游人如织，气氛浓郁。全区共接待游客113.78万人次，同比增长10.52%。主要旅游景区客流回升明显，文旅消费态势强势复苏，文旅 四年亏掉10年利润，中国民航飞向何处 | 供给侧调查 2023年是中国民航连续亏损的第四年。 疫情三年，民航全行业累计亏损超过4000亿，2023年虽然大幅减亏，但依然没能扭亏为盈，全行业亏损288亿，其中航空公司亏损170亿 中新经纬2月23日电 国家邮政局官方微信号23日称，近日，国家邮政局发出通知，要求全系统全行业提高思想认识，严格周密部署，强化责任落实，切实做好全国两会期间寄递渠道安全服务保障工作。 通知指出，各级邮政管理部门要强 中新经纬2月22日电 据“中国铁路”微信号消息，2月21日，全国铁路发送旅客1201.2万人次，铁路运输安全平稳。2月22日，全国铁路客流持续高位运行，预计发送旅客1125万人次，加开旅客列车867列。 各地铁路部门积极应对低温 。本文链接：Services sector expansion drives recoveryhttp://www.sushuapos.com/show-5-24036-0.html
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