Activity in China's services sector expanded at the fastest pace in six months in February as the removal of tough COVID-19 restrictions revived customer demand, driving a solid increase in employment, a private sector survey showed on Friday.
The improvement in market conditions also drove a strong increase in employment. Firms started to take on additional workers for the first time in four months and the rate of job creation was the sharpest since November 2020 as spending and travel got a boost.
Commerce minister Wang Wentao also said on Thursday that the country's consumption has rebounded significantly this year, with major shopping areas and the catering sector surging remarkably. "The economy has entered a post-COVID recovery, with services activity showing signs of a stronger recovery than the manufacturing sector," said Wang Zhe, an economist at Caixin Insight Group. "But the impact of the pandemic remains far-reaching."
Caixin/S&P's composite PMI, which includes both manufacturing and services activity, rose to 54.2 in February from 51.1 a month earlier, marking the quickest expansion since June.as high as 6%
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