Domo signs strategic collaboration agreement with AWS for AI solutions
Investing.com-- China’s services sector grew more than expected in March, private purchasing managers index data showed on Thursday, as local demand and business activity benefited from Beijing’s stimulus measures.
The Caixin Services PMI rose to 51.9 in March, beating expectations of 51.5 and rising from the 51.4 seen in the prior month. The print marked a 27th consecutive month of expansion for the sector, which has remained a bright spot in China’s economy despite persistent headwinds.
Local demand improved following Beijing’s measures to boost private spending and support local businesses, which were rolled out since late-2024.
Thursday’s reading comes after a host of positive PMI prints from China, with Caixin and government PMIs also showing a better-than-expected improvement in manufacturing activity.
The Caixin PMI differs from its government counterpart on two main fronts- the size of businesses covered, and the overall number of companies surveyed.
The government PMI survey tends to focus more on larger, state-run businesses, while the Caixin reading focuses on smaller, private enterprises. Investors use both readings to gain a broader understanding of the Chinese economy.
March’s PMI data showed some improvement in the Chinese economy, especially amid growing stimulus support from Beijing. China is expected to dole out even more stimulus in the face of debilitating trade tariffs under U.S. President Donald Trump.
Trump on Wednesday hiked U.S. tariffs against China to a cumulative 54%.