<p>中国的服务业活动在 3 月份以较弱的速度扩张，私人调查显示，表明在上个月长假后的消费者需求疲软。</p>
<p>根据周五发布的声明，RatingDog 中国服务业采购经理人指数从 2 月份的 56.7 降至 52.1，降幅超出预期。彭博社调查的经济学家中位数预测为 53.6，仍高于 50 的扩张与收缩分界线。</p>
<p>官方 PMI 调查显示，上个月服务业活动有所回升，主要由包括金融在内的生产性服务推动。根据国家统计局的声明，零售和餐饮等消费服务仍处于收缩状态。中国在 2 月份经历了为期九天的春节假期，刺激了服务消费，特别是在旅游行业。</p>
<p>私人调查中的服务公司看到由于燃料、材料和劳动力成本上升，投入价格略有上涨。但他们仍在四个月内第三次降低销售价格，以促进销售，声明中提到。</p>
<p>中国的消费支出在疫情之外的任何一年中开局最差，突显了政府面临的挑战，政府已将国内需求的角色提升为目标。与此同时，北京一再强调要将经济重心转向消费，推动服务业的发展。</p>
<p>中国当局适度缩减了今年的财政刺激计划，将年度增长目标下调至 4.5%-5%，这是自 1991 年以来最不雄心勃勃的目标，尽管基于更大的国内生产总值基础。</p>

纳斯达克中国金龙指数

上证180价值ETF

安硕恒生指数

<p>中国的服务业活动在三月份显示出增长放缓，服务业采购经理人指数从二月份的 56.7 降至 52.1，表明春节假期后消费者需求疲软。官方 PMI 显示生产性服务有所增长，但零售等消费性服务仍处于收缩状态。投入价格略有上升，但企业降低售价以刺激销售。消费者支出在年初表现不佳，促使政府将增长目标下调至 4.5%-5%，为 1991 年以来的最低水平，同时缩减财政刺激计划</p>

<p>China’s services activity expanded at a weaker pace in March, a private survey shows, pointing to sluggish consumer demand after a lift from a long national holiday the previous month.</p>
<div class="lb-trans"><p>中国的服务业活动在 3 月份以较弱的速度扩张，私人调查显示，表明在上个月长假后的消费者需求疲软。</p>
</div><p>The RatingDog China services purchasing managers’ index fell more than expected to 52.1 from 56.7 in February, according to a statement published Friday. The median forecast of economists surveyed by Bloomberg was 53.6, above the 50 mark separating expansion from contraction.</p>
<div class="lb-trans"><p>根据周五发布的声明，RatingDog 中国服务业采购经理人指数从 2 月份的 56.7 降至 52.1，降幅超出预期。彭博社调查的经济学家中位数预测为 53.6，仍高于 50 的扩张与收缩分界线。</p>
</div><p>The official PMI survey showed service business activities picked up last month, with gains largely driven by producer services including finance. Consumer services such as retail and catering remained in contraction, according to a National Bureau of Statistics statement. China had a nine-day Lunar New Year holiday in February that boosted services spending, particularly in the tourism sector.</p>
<div class="lb-trans"><p>官方 PMI 调查显示，上个月服务业活动有所回升，主要由包括金融在内的生产性服务推动。根据国家统计局的声明，零售和餐饮等消费服务仍处于收缩状态。中国在 2 月份经历了为期九天的春节假期，刺激了服务消费，特别是在旅游行业。</p>
</div><p>Services companies in the private survey saw a slight rise in input prices driven by higher costs of fuel, materials and labor. But they still reduced their selling prices for the third time in four months in order to boost sales, according to a statement.</p>
<div class="lb-trans"><p>私人调查中的服务公司看到由于燃料、材料和劳动力成本上升，投入价格略有上涨。但他们仍在四个月内第三次降低销售价格，以促进销售，声明中提到。</p>
</div><p>China’s consumer spending booked the worst start to any year outside the pandemic, highlighting the challenge to a government that has targeted a bigger role for domestic demand. Beijing meanwhile has repeatedly to rebalance its economy toward consumption, where ramping up services is .</p>
<div class="lb-trans"><p>中国的消费支出在疫情之外的任何一年中开局最差，突显了政府面临的挑战，政府已将国内需求的角色提升为目标。与此同时，北京一再强调要将经济重心转向消费，推动服务业的发展。</p>
</div><p>China’s authorities modestly scaled back fiscal stimulus plans for this year as they lowered their annual growth target to 4.5%-5% — the least ambitious goal since 1991, though from a much larger base of gross domestic product.</p>
<div class="lb-trans"><p>中国当局适度缩减了今年的财政刺激计划，将年度增长目标下调至 4.5%-5%，这是自 1991 年以来最不雄心勃勃的目标，尽管基于更大的国内生产总值基础。</p>
</div>

China Services Gauge Slows After Boost From New Year Holiday

- 中国 3 月份服务业活动扩张减缓，采购经理人指数降至 52.1。  
- 消费者需求疲软，特别是在零售和餐饮领域。  
- 政府面临挑战，年度增长目标下调至 4.5%-5%。

中国服务业指标在春节假期的推动后出现放缓