China services activity grows at faster rate in April, private PMI shows

China's services activity expanded at a faster pace in April, driven by stronger growth in new business, particularly domestic demand. The RatingDog China General Services purchasing managers' index rose to 52.6 in April from 52.1 in March, staying above the 50-mark that separates expansion from contraction. New business rose at a faster pace, while new export business declined marginally for a second straight month. Service providers cut staffing levels due to retirement, resignations, and cost-saving measures.