Igor Kutyaev
The Caixin China General Services PMI declined to 51.2 in June 2024 from May’s 10-month high of 54.0, below forecasts of 53.4, expanded for the eighteenth consecutive month, although at its softest pace in eight months, as new orders and export order growth eased.
The Caixin China General Composite PMI slipped to 52.8 in June 2024 from May’s one-year high of 54.1, extended its growth streak for the eighth straight month but decelerated to a two-month low, with output growth accelerating in the manufacturing sector but easing for services.
Looking ahead, confidence weakened to a five-month low. “Policy support requires further consolidation,” said Dr. Wang Zhe, senior economist at Caixin Insight Group. He added that insufficient market confidence and effective demand remain key challenges in the economy.
Investors are now closely monitoring the upcoming inflation data next week and the Third Plenum scheduled for this month to provide further insights into China’s economic trajectory.
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