Growth in China's services sector accelerated in July, a private survey showed on Wednesday, although the spread of the COVID-19 Delta variant across the country threatens to undercut the recovery in the world's second-biggest economy.
The Caixin/Markit services Purchasing Managers' Index rose to 54.9 in July, the highest since May and up from 50.3 the previous month. The 50-point mark separates growth from contraction on a monthly basis.The better readings in the private survey, which focuses more on smaller firms in coastal regions, stood in contrast with findings in an official survey on Saturday which showed growth in the services sector retreat slightly in July.
The July readings were buoyed by the successful containment of COVID-19 cases in southern China, said Wang Zhe, senior economist at Caixin Insight Group, although he warned that the impact from the latest round of outbreaks since late July was likely to hurt August's PMI readings. Tourism is already taking a hit, as local authorities encourage people to stay put to avoid infection, which will be a blow for industries looking forward to peak summer travel demand.
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