CHINA'S SERVICE SECTOR IS RECOVERING AT AN ACCELERATED PACE
The index, which measures business activity in the services sector of the Chinese economy, in March reached the highest level since December last year. According to Caixin/Markit data, it was 54.3 points. At the same time, in February, the indicator was at the level of 51.5 points. The results of the survey also showed that Chinese companies are increasing their hiring. In March, the number of people hired exceeded the number of dismissed employees of companies. The Chinese authorities managed to cope relatively quickly with such a problem as the spread of the coronavirus. In this regard, the country's economy is successfully recovering from the crisis. However, prices for services continue to rise due to the increasing cost of consumable components. A similar situation is observed in the country's manufacturing industry, which hinders the faster pace of recovery of the Chinese economy. Companies have been raising prices for their products and services for eight consecutive months. Nevertheless, the index, which measures the degree of optimism of Chinese businesses about the state of the economy for the next 12 months, rose to the highest in the last 10 years.