Services 54.1
- expected 52.9, prior 53.1
Composite 50.1
- prior 51.0
The "Key findings" highlighted in the report:
- Slower increases in business activity and new orders
- Export sales fall at quickest rate for 15 months
- Inflationary pressures pick up slightly from December
Commentary from the report on the composite (manufacturing and services) indicator::
- Overseas demand largely declined.
- The labor market shrank.
- Input and output prices both continued to rise as their gauges increased marginally.
- Domestic demand was subdued,
“In December and January, the resurgence of Covid-19 in several regions such as Xi’an and Beijing forced local governments to tighten epidemic control measures, which restricted production, transportation and sales of goods. It has become more evident that China’s economy is straining under the triple pressures of contracting demand, supply shocks and weakening expectations. “
