Economy to remain at even keel: Premier Services sector sees growth soar in Nov

China will maintain the consistency, stability and sustainability of its macro policies and strive to keep its economic performance within a reasonable range, Premier Li Keqiang said on Dec 8.

In talks with International Monetary Fund Managing Director Kristalina Georgieva via video link, Li reiterated the importance of coordinating containment of the COVID-19 pandemic and promoting socioeconomic development, given that the global economy still faces uncertainties.

China is set to secure positive growth of its economy this year, which is a hard-won result for a country with a population of 1.4 billion, he said.

The premier’s remarks came as a number of economic indicators in November, including the purchasing managers’ index, showed that China’s economic rebound is gaining momentum.

The PMI, a key barometer of the health of the nation’s manufacturing sector, increased to 52.1 percent in November, the highest level this year.

Growth in China’s services sector accelerated in November as new business rose at a steady clip, signaling strong consumer demand in the country, a private survey said on Dec 3.

The Caixin/Markit China General Services Purchasing Managers’ Index, which measures business activities of the sector and surveys mostly smaller businesses, rose to 57.8, the second-highest reading since April 2010, from October’s 56.8. It represented a 1 percentage point growth on a monthly basis.

The Caixin China Manufacturing PMI for November, which was released on Dec 1, saw a monthon-month growth of 2.4 percent to 54.9, the highest reading since November 2010. It also signaled an expansion in the country’s manufacturing sector for seven months in a row.