The Chinese Services Sector Continues to Grow

But overall growth continues to be held back by the lacklustre manufacturing sector
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Updated: March 20, 2024

The marked difference between the Chinese Services and Manufacturing sectors performance continues to remain in evidence. Over the whole of the first quarter of 2024 the overall Manufacturing Sector Sales Managers Index remained below the crucial 50 index level, indicating declining output. In contrast the Services Sector overall Sales Managers Index remained at an average index reading over the first quarter of 52.4, indicating significant albeit far from exciting growth in output.. The now dominant Services sector resilience provided enough impetus to ensure that the combined Manufacturing + Services sector Index remained over the 50 no growth level, with a very modest quarter 1 reading of 50.9, indicating overall growth in the Chinese economy.

China: Sales Managers Index (Manufacturing & Services) Source: World Economics
Note: Data Shown as a Diffusion Index. (50 = 'No Change', above 50 = Increasing growth, below 50 = Declining growth)

However the Manufacturing & Services reading suggests that economic growth in China remains way below the levels of GDP registered in previous years.


Sales Managers Index Components: All-Sectors



0 0 0 China|#0A66C2|56.8, 55.9, 55, 54.7, 54.4, 52.8, 52.7, 51.9, 52.1, 51.2, 51.1, 50.7, 51.1, 50.7, 51.3, 51.5, 51.1, 50.7, 50.8, 50.7, 50.7, 51, 51, 50.8, 51.3, 51.4, 50.4, 50.1, 51.1, 52.1, 51.1, 50.3, 50.6, 51.4, 50.5, 51.6, 51.8, 52.4, 51.3, 51.3, 51.1, 50.4, 50.1, 49.7, 50.1, 50.4, 50.3, 50.3, 50.7, 51.5, 51, 50.7, 50.6, 50.3, 50, 50.9, 51.8, 49.9, 50.7, 51.3, 49.4, 51.1, 51.2, 51.6, 51.6, 52.8, 53.3, 52.2, 53.7, 54.1, 52.9, 53.3, 52.4, 53.1, 53, 52.9, 52.8, 54.8, 53.9, 53.7, 54, 52.7, 53.3, 53.5, 53.7, 53.5, 50.6, 51.3, 50.7, 51.2, 50.7, 50.2, 50.2, 51.8, 48.1, 49.3, 51.9, 53, 52.2, 52.1, 50.6, 48.6, 50.7, 50.9, 51.8, 51.8, 52.1, 51.3, 51.9, 51.2 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Business Confidence

51.2
March 2024
Business Confidence grew at a slightly slower pace in March. The Business Confidence Index measures the level of optimism/pessimism among sales managers for future conditions.
Find out more about SMI Diffusion Indexes
0 0 0 China|#0A66C2|54.2, 53.8, 53.6, 53.2, 52.1, 51.4, 50.9, 50.9, 52.9, 52.8, 53.1, 51.8, 53, 52.3, 52.3, 52.6, 51.4, 52.1, 50.8, 51.6, 51.4, 51.4, 51.9, 52.1, 52.5, 52.9, 52, 50.9, 53.7, 53.3, 52.5, 51.6, 51.9, 51.5, 51.9, 51.7, 51.7, 52, 51.5, 51.6, 51.2, 50.4, 50.4, 50.5, 50, 49.9, 50.4, 50.4, 50.2, 50.4, 50.4, 50, 50.4, 49.7, 49.4, 48.9, 48.9, 47.2, 47.4, 48, 44.7, 46.6, 44.3, 47.2, 46.5, 46.9, 47.8, 48.5, 49.1, 49.6, 49.5, 50.7, 51.1, 51, 51.9, 51.5, 51.8, 52.5, 52.8, 51.8, 51.3, 50, 50.5, 50.9, 50.4, 49.7, 46, 45.6, 46.6, 47.3, 47.4, 47.4, 46.3, 47.6, 44.4, 46.1, 48, 49.5, 50.4, 49.6, 49.3, 47.2, 47.6, 48.9, 48.7, 49.7, 49.2, 50.5, 49.1, 49 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Market Growth

49.0
March 2024
The Market Growth Index fell to the slowest pace in 5 months in March. The Market Growth Index monitors the underlying growth of the market segments into which the panel members sell.
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0 0 0 China|#0A66C2|55.9, 56.3, 57.7, 56.5, 55.9, 54.7, 54.3, 54.5, 55, 53.6, 54.1, 53.6, 52.6, 53.4, 52.7, 54.3, 53.7, 53.9, 52.7, 52.8, 52.8, 52.6, 53.8, 53.8, 54.1, 54.5, 54.8, 54.8, 56.1, 56.6, 56.1, 54.8, 54.7, 53.5, 55.8, 55.9, 54.7, 55.6, 54.7, 55.1, 54.6, 54.6, 54.7, 53.6, 53.1, 53.8, 53.3, 51.9, 51, 51.7, 52, 52.4, 52.2, 53.4, 52.5, 51.7, 53.9, 51.6, 50.8, 51.3, 44.3, 51, 48.2, 50.2, 50.8, 51.2, 51.1, 51.8, 52.7, 52.9, 55.4, 54.9, 52.3, 54.8, 54.4, 52.7, 53.7, 55.8, 56.2, 55.4, 54.8, 52, 53.2, 51.8, 54.1, 53.5, 50.7, 51.8, 51.7, 50.4, 50.8, 49.7, 51, 50.8, 50, 52.1, 54.6, 54.6, 52.7, 52.7, 50.6, 50.1, 52.2, 53.1, 51.5, 53.7, 53.2, 53.4, 53.1, 52.8 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Sales Growth

52.8
March 2024
The Sales Growth Index eased slightly in March to a 5 month low. The Sales Growth Index defines the speed and direction of overall sales of goods and services (current month from previous month).
Find out more about SMI Diffusion Indexes
0 0 0 China|#0A66C2|47.9, 48.8, 48.8, 48.6, 48.1, 47.4, 47.4, 47.8, 49.1, 48.5, 48.9, 48.7, 48.9, 49.8, 49.9, 50.9, 50.1, 50.1, 50.2, 50.5, 50.5, 50.2, 51, 50.8, 51.5, 51.4, 51.4, 51.6, 51.5, 52, 52.1, 52, 51.8, 51.3, 51.8, 52.6, 51.7, 53, 51, 50.9, 52.1, 52.9, 53.3, 53, 53.5, 53.8, 53.4, 51.8, 52, 51.7, 51.2, 53.3, 53.3, 51.4, 52, 51.8, 53.9, 51.2, 51, 50.6, 48.2, 51.2, 47.3, 48.7, 48, 49.1, 48.9, 47.8, 49.1, 49.2, 49.2, 49.8, 49.4, 47.9, 48.4, 49.6, 56.6, 53.5, 51.8, 53.7, 55, 56.2, 53.4, 51.3, 51.4, 52.4, 50.5, 53.1, 52, 51, 47.6, 48.2, 48.7, 50.1, 47.6, 50.2, 48.8, 47.9, 49.2, 47.7, 48.5, 47.5, 47.9, 50.9, 50.6, 48.9, 50, 50.2, 50.1, 47.4 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Prices Charged

47.4
March 2024
Prices fell in March. The Prices Charged Index measures the speed and direction of changes in the current price of goods and services taking into account any discounts offered.
Find out more about SMI Diffusion Indexes
0 0 0 China|#0A66C2|51.6, 52.8, 52.1, 51.9, 51.1, 51.3, 51.1, 51.5, 51.6, 50.4, 50.5, 50, 50.4, 50.5, 50.9, 51.3, 50.9, 51, 51.2, 50.8, 50.5, 50.2, 50.8, 50.1, 50.7, 51, 50.1, 50.6, 50, 49.9, 50, 50, 50.3, 49.7, 50.2, 50.7, 49.5, 49.9, 49.9, 50.2, 50.1, 50.3, 50.2, 49.7, 49.6, 49.6, 49.5, 49.1, 49.6, 49.5, 49.6, 49.9, 49.4, 49.4, 48.8, 49, 49.8, 49.3, 49.8, 50.1, 47.3, 49.1, 47.1, 46.6, 47.4, 48.3, 49.2, 49.4, 50.7, 51.5, 50.1, 51.1, 51.9, 51.6, 51.3, 50.5, 50.7, 53, 51.9, 51.5, 51.5, 50.6, 50.8, 49.9, 50.9, 49.9, 49.5, 48.4, 49.2, 49.9, 46.8, 47.1, 48.5, 49.1, 47.8, 50, 49.9, 50.3, 50.3, 49.8, 49.7, 48, 49.2, 48.3, 48.6, 50.2, 49.8, 50.1, 50.7, 48.3 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Staffing Levels

48.3
March 2024
The Staffing Levels Index fell below the 50 level in March. The Staffing Levels Index monitors the level of growth or decline in employment against the same period a year earlier.
Find out more about SMI Diffusion Indexes
0 0 0 China|#0A66C2|48.4, 49.3, 49.1, 49.6, 49, 49, 48.5, 48.1, 48.4, 50.8, 50.6, 50.7, 50.4, 51, 49.7, 49.8, 49.6, 50.1, 49.8, 49.4, 49.4, 48.8, 49.7, 50.8, 51.1, 51.7, 51.3, 50.6, 49.6, 50.3, 50.6, 49.5, 48.3, 49.3, 49.2, 49.6, 50.1, 49, 49.4, 49.2, 48.9, 48.3, 48.3, 49.2, 49.6, 49.6, 50, 50.6, 43.8, 47.4, 45.7, 47.7, 48.3, 49.6, 49.7, 50.3, 51.2, 52.1, 52.8, 52.7, 51.1, 51, 51.4, 51.7, 51.4, 53.1, 52, 51.5, 49.3, 48.9, 50.1, 50.8, 51.4, 50.9, 48.4, 48.5, 50, 50.7, 50, 48.3, 48.7, 50.4, 48.9, 50.6, 50.9, 50.1, 49.5, 49.4, 47.8, 47.6, 48, 47.9, 48.2, 49.5, 50, 49.5, 49.2, 48.7 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Profit Margins

48.7
March 2024
Profit Margins fell in March.
Find out more about SMI Diffusion Indexes




About the Sales Managers Indexes

The Sales Managers' Indexes provide the earliest monthly data on the speed and direction of economic activity in key growth areas of the world.

The SMI’s (Sales Managers’ Indexes) are compiled and analysed by World Economics and are based on survey data collected from a panel of companies stratifying all Industry Classification Board (ICB) sectors which are weighted to reflect their contribution to national Gross Domestic Product.

Key advantages of the SMI's:

  • The SMI's provide the first indication each month of the speed and direction of economic growth.
  • The SMI's provide the most complete indication of growth, covering all private sector activity.
  • The SMI's are based on a key occupational group - sales executives - uniquely able to sense accurate changes in business activity levels.
  • The SMI survey base - salespeople - are used by virtually all businesses, including in frontier markets, unlike other occupational groups.
  • The SMI's focus on the key countries contributing to over 60% of China growth in recent years.






About the Data

SMI data for China is published as diffusion indexes to gauge the speed and direction of economic activity.

Monthly data since 2013 is downloadable for all-sectors, manufacturing and service sectors separatly in a consistent unadjusted format for 7 key indexes: