The services sector in China grew strongly in November, reflecting the Chinese economy’s continued recovery from the COVID-19 crisis. In Japan, the sector in which catering, retail, tourism and aviation, for example, continued to shrink.
According to market researchers Caixin and Markit, the Purchasing Manager Index for the Chinese service sector, which indicates activity, rose to a level of 57,8 of 56,8 in October. That is the highest level since April 2010. A figure of 50 or more indicates growth, below it indicates contraction. Earlier this week there was also a strong figure out about the Chinese industry. China’s economy, the second in the world, is recovering strongly from the crisis and the pandemic and is even on the path to growth across 2020.
In Japan, economic activity continues to be under pressure as a result of a renewed upturn in the virus, again the third COVID-19 wave affecting the country. Jibun bank’s Purchasing Manager Index for the services sector was 47.8 before November, a fraction higher than in October. This is still the case in the major Japanese service sector. It accounts for almost 70 percent of Japan’s economy, the third largest in the world.