Reference News Network, August 7 report: According to the website of Singapore's Straits Times on August 5, driven by strong demand, the S&P Global China Composite Services PMI for July reached a 14-month high.

According to Reuters, data released by S&P Global on August 5 showed that China's composite services PMI in July was 52.6, an increase from June's (50.6), marking the highest level since May 2024. A number below 50 indicates contraction, while a number above 50 indicates expansion.

Bloomberg News website, August 5 report: A survey showed that Chinese service sector activity unexpectedly accelerated in July, reaching the fastest growth rate in over a year, indicating resilience in the tourism industry during the summer travel season.

According to a news release published on August 5, the S&P Global China Composite Services PMI for July rose to 52.6 from 50.6 in June. This result exceeded the median forecast of 50.4 by Bloomberg.

Summer is typically the peak season for service industries such as tourism, transportation, and entertainment.

The survey showed that Chinese services increased staff numbers at the fastest pace since July 2024. Business optimism reached the highest level in four months, and for the first time in six months, companies raised sales prices.

The Wall Street Journal website, August 5 report: A private indicator shows that Chinese service sector activity recorded the fastest expansion rate in over a year, driven by improved demand due to the summer travel boom.

Xiaoyi Pan, Deputy Director of S&P Global Market Intelligence's Economic Research Department, said: "Improvements in demand conditions have supported recent activity growth, including clearly external demand strengthening. The fact that new export business expanded for the first time in three months highlights this."

Pan said that business confidence further rebounded in July, with confidence levels reaching the highest point since March this year, as people expect improvements in global economic and trade conditions in the coming months.

Translation by Liu Jia

Original: https://www.toutiao.com/article/7535678348584911412/

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