Despite flare-ups in some places, the epidemic remained largely under control in China. Work resumption in the services sector accelerated. The business activity index hit a 10-year high, and the gauge for total new business also reached its highest level since August 2010, indicating a good recovery of services activities.
Despite uncertainties over the pandemic overseas, the measure for new export business returned to expansionary territory, meaning that external demand has not been a drag for the first time in five months….
The gauge for business expectations rose further into expansionary territory for the fourth consecutive month, suggesting that service providers remained highly optimistic about their business outlook over the next 12 months, as the epidemic was under control, restrictions were lifted, and the economy recovered at a faster pace.