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China’s February services PMI hits strongest in six months

China’s February services Purchasing Managers’ Index (PMI) has hit its strongest level in six months, thanks to the end of China’s zero-tolerance policy towards COVID-19. Caixin/S&P Global services data released on March 3 shows that the PMI grew at its fastest pace in six months, due to factors such as the recovery of consumer demand and strong employment. The PMI rose to 55.0 in February, up from 52.9 in January, marking the second consecutive month of gains after the government announced the end of the zero-tolerance policy in December 2021.

A PMI above 50 indicates expansion in China’s service sector. The survey results from Caixin/S&P Global are globally in line with data from China’s National Bureau of Statistics (NBS), which showed that the February services PMI stood at 56.3, a significant increase from 54.4 in January, indicating that the Chinese economy has started to recover after the government canceled measures to control COVID-19.

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