BEIJING - China’s services sector returned to growth last month for the first time since January as the economy recovers from strict coronavirus-induced containment measures, although employment and overseas demand remained weak, a private survey showed.
The return to expansion for China’s services sector, an important generator of jobs which accounts for about 60% of the economy, was driven by a sharp rise in domestic new business though export orders fell for the fourth month in a row.“Employment in the services sector remained worrisome,” said Wang Zhe, senior economist at Caixin Insight Group.
Highlighting the uncertain outlook, the government said in late May it was not setting an annual growth target, for the first time since 2002. Prices charged by service providers were cut for the sixth straight month in May, while input prices dipped slightly.
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