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Xinhua Silk Road
Economy

China's service sector picks up steam in May

June 17, 2020


Abstract : China's service industry, a sector hit hard by the COVID-19 epidemic, is gradually back on track as the country steps up efforts to balance epidemic control with economic and social development.

BEIJING, June 16 (Xinhua) -- China's service industry, a sector hit hard by the COVID-19 epidemic, is gradually back on track as the country steps up efforts to balance epidemic control with economic and social development.

The production index of the service sector climbed 1 percent year on year in May, marking the first year-on-year increase this year and rebounding from a decline of 4.5 percent in April, according to data provided by the National Bureau of Statistics (NBS).

The sub-reading for information transmission, software and information technology services expanded by 12.9 percent last month, while that for the financial sector and the real estate sector grew 5.2 percent and 7.1 percent respectively, NBS data showed.

Meanwhile, wholesale and retail sales, hospitality and catering, leasing and business services, also improved in May, with their sub-index declines narrowing 4.5 percentage points, 12 percentage points and 4.1 percentage points, respectively.

The service sector production index went down 7.7 percent year on year during the first five months, with the decline narrowing by 2.2 percentage points compared to the January-April period.

With the continuous resumption of production and living orders, the service industry is expected to see further recovery, said NBS spokesperson Fu Linghui. Enditem

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Keyword: production resumption China's service industry

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