Accelerated expansion of China's services industry in March: data

People visit the 2023 China International Fair for Trade in Services (CIFTIS) at China National Convention Center in Beijing, capital of China, Sept. 2, 2023. (Xinhua/Li Xin)

BEIJING, April 6 (Xinhua) -- China's services industry reported accelerated expansion in March 2024, as shown by a rising business activity index which tracks the sector's performance, latest data showed.

In March, the business activity index for the industry in general stood at 52.4 percent -- up 1.4 percentage points compared to the previous month. A reading above 50 indicates expansion, while a reading below 50 reflects contraction. The reading in March also marked the third straight month of growth in the index, according to data jointly released by the National Bureau of Statistics (NBS) and the China Federation of Logistics & Purchasing.

In terms of specific sectors, the sub-indexes for the postal services, telecommunications & radio services, television & satellite transmission services, and monetary and financial services sectors, were all within a well-performing range with a reading of at least 60 percent, while the total business volume of these sectors also grew rapidly, the data revealed.

Meanwhile, the business activity sub-indexes for sectors such as wholesale, railway transportation, as well as leasing & business services, were at 53 percent or above, the data confirmed.

Zhao Qinghe, a senior statistician at the NBS Service Survey Center, said that based on an analysis of market expectations, most companies in the services industry were optimistic about the market's future growth prospects.