Caixin China Services PMI drops to 36.2 in April, a new low since March 2020

By    5 May,2022

The Caixin China Services PMI released on Thursday fell to 36.2 in April, down 5.8 percentage points from a year earlier and continuing to hit a low since March 2020. The previously released Caixin China Manufacturing PMI for April registered 46, down 2.1 percentage points from a year earlier.


Earlier, China's National Bureau of Statistics announced China's official manufacturing PMI fell to 47.4% in April, down 2.1 percentage points from a year earlier, while the official non-manufacturing PMI was 41.9% in April, down 6.5 percentage points from a year earlier.

According to Wang Zhe, senior economist at Caixin Intelligence, the local epidemic continued in April 2022, and the manufacturing boom also continued to turn weaker. Supply contracted, demand came under pressure, external demand deteriorated, supply chains were hampered, logistics time was extended, backlogs of work increased, workers had difficulty returning to work, inflationary pressure continued, and market optimism was below long-term average levels.