China: Caixin services PMI upbeat in March

Chinese data continues to improve, with today's Caixin services PMI coming at 52.2 vs 51.2 last, while China's services PMI composite was 51.3 vs prior 49.4.

Commenting on the China General Services PMI™ data, Dr. He Fan, Chief Economist at Caixin Insight Group said: “The headline Caixin China General Services PMI for March came in at 52.2, up 1.0 point from February's figure, but the employment category fell below the neutral 50-point level for the first time since August 2013."

Fan also said: "The Caixin Composite Output Index for March rebounded over the 50-point mark, at 51.3, as economic conditions continued to fluctuate."

"Overall, the services sector developed well, but the economy is riding choppy waves, indicating the lack of a solid foundation for a recovery. The government needs to push forward with "supplyside reform" to encourage the development of emerging industries” Fan added.