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While bad news are reeling around Chinese economy and its market, all is not truly at world's end.
Chinese manufacturing as measured by PMI while slumped to lowest in almost 2 years, services sector PMI has hit highest level in almost a year.
Caixin/Markit services PMI moved to 53.8 in July from 51.8 in June. This move points to not only some underlying momentum in Chinese domestic market, but a change in China's changing economic structure.
- China's services sector grew in July at its fastest pace, indicating strong demand in domestic market. This is the biggest since August last year, when the index rose by 4.1 points.
- New orders rose at solid pace and services firms gained new customers.
- Services sector continue to provide employment to the economy.
This is a very welcome move since June's sharp fall, wiped out almost all its gain till May this year.
Growth in the services sector are not only provides relief at a time when manufacturing has taken a nose dive but also points to that China is slowly shifting its economy from a manufacturing and export oriented one to domestic consumer driven.
However China's benchmark stock index, Shanghai composite failed to gain over the improvement and closed at 3694, down -1.65%.
