China's services activity shrinks in Dec as surging Covid cases hit demand

The Caixin/S&P Global services PMI rose to 48.0 in December from 46.7 in November, but remained below the 50-point mark, which indicates contraction in activity, for a fourth straight month

China's services activity shrank in December as surging COVID infections hit demand, a private-sector survey showed on Thursday, although the pace of recent declines slowed while business confidence rose to a 17-month high.
 

The Caixin/S&P Global services purchasing managers' index (PMI) rose to 48.0 in December from 46.7 in November, but remained below the 50-point mark, which indicates contraction in activity, for a fourth straight month.
 

China abruptly removed its stringent zero-COVID strategy in early December after rare public protests over the protracted curbs, triggering a surge COVID infections across the country.
 

The hit to business caused by the new