China's service sector experiences strong upturn

In an encouraging signal for the Chinese economy, activity in the service sector has grown as strongly as it has not since May. A recent private study indicates increasing domestic demand after the government in Beijing implemented extensive stimulus measures. The Caixin China Services Purchasing Managers' Index (PMI) rose to 52.2 in December, up from 51.5 the previous month. This is according to a statement released on Monday by Caixin and S&P Global. Experts from Bloomberg, who were surveyed in advance, had on average predicted a value of 51.4. An index value above 50 signals growth in the sector. This positive development could indicate that the government's measures to boost domestic demand are taking hold. Economists and investors will be watching the coming months closely to see if this trend continues.