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China Service Sector Contracts Sharply On Containment Measures

China’s service sector contracted sharply in April as the introduction of tighter COVID-19 containment measures in China led to quicker reductions in activity and new orders, survey results from S&P Global showed on Thursday. The Caixin services Purchasing Managers’ Index fell to 36.2 in April from 42.0 in March. A score below 50.0 indicates contraction.
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