A report released by Caixin/S-and-P Global on Tuesday says that China's services sector in October expanded at the fastest pace in three months.
Caixin's services purchasing managers' index (PMI), which focuses more on small and medium-sized enterprises and exporters, came in at 52 in October, which was also the highest reading in three months, due to improvements from the demand side and business sentiment.
Business activity and total new orders remained above the 50 mark in October.
A reading above 50 indicates expansion, while a reading below 50 reflects contraction.
In addition, there was also a rise in export business as overseas demand continued to rise.
Employment in the services sector expanded for the second consecutive month.
Meanwhile, the subindex for business sentiment surged to its highest level since May.
Wang Zhe, Caixin's Senior Economist, said business showed confidence in macroeconomic conditions in the near term.
In the meanwhile, Caixin also reported the composite PMI at 51.9 for October, up from a prior reading of 50.3. The composite PMI is a weighted average of manufacturing PMI and services PMI based on their relative size in GDP.
China's Caixin services PMI hits three-month high in October
China's vast imports and exports foster global connections, economic growth and cultural exchange, said a UN official in Shanghai on Tuesday.
Addressing the opening ceremony of the seventh China International Import Expo (CIIE) and the Hongqiao International Economic Forum, Rebeca Grynspan, secretary-general of the United Nations Conference on Trade and Development (UNCTAD), said that China's international trade impacts the developing world, enabling economic diversification and a more close-knit global community.
"China is one of the world's largest economies and consumer markets and by far the largest exporter. How and what China exports and how and what China imports can have dramatic effects in places even very far from its shores. China's imports and exports have also an important impact in the Global South and the opportunities of trade to diversify their economic structures," said the official.
"Seen from the perspective of the small enterprise or the individual merchant, trade sometimes may seem trivial. In aggregate however, trade is a force of nature. When countries engage in trade, they unlock a cascade of positive effects: ideas exchange, structural transformation, cultural understanding," she said.
Grynspan sent her wishes to the expo, noting that the CIIE promotes global business connections and partnerships, and a prosperous and interconnected economy.
"This expo embodies exactly that message with a spirit of openness where businesses worldwide can connect, forge partnerships and contribute to a more prosperous and interconnected global economy. As I close, it is very good to see so many countries participating in this year's expo. May your participation be a big success leading to new partnerships, more trade and a brighter future for all," she said.
The CIIE is the world's first national-level exposition dedicated to imports. This year's expo is scheduled to run from November 5 to 10.
The seventh CIIE has attracted participants from 152 countries, regions and international organizations, and achieved a new record with 297 Fortune Global 500 companies and industry leaders to attend.
At the ongoing CIIE, over 400 new products, technologies and services from around the world are being showcased, spanning sectors such as artificial intelligence, new materials, autonomous systems and energy transition technologies.
Trade with China fosters global connections, economic growth: UNCTAD head
