An independent gauge of China’s services sector growth rebounded last month from a nearly 12-month low, narrowing the spread with its official counterpart and pointing to greater divergence with the country’s manufacturing sector.
中国服务业增长的一个独立指标上月从近12个月来的低点反弹，收窄了与官方指标之间的差距，同时与中国制造业的表现拉大差距。
The Caixin-Markit services purchasing managers’ index came in at 52.8 in May, up from 51.5 in April and further above to the 50-point mark separating growth from contraction.5月，财新(Caixin) Markit服务业采购经理人指数(PMI)达到52.8，高于4月的51.5，与50这个荣枯分界线进一步拉开距离。The rise ended a four-month streak of weakening growth and tightened the Caixin gauge’s spread with an official services PMI sub-index produced by China’s statistics bureau to 0.7, from 1.1 in April.这一上升结束了连续四个月的增长下滑，并使财新指数与中国国家统计局(NBS)编制的官方服务业PMI指数之间的差距收窄至0.7，小于4月的1.1。That was in contrast to Caixin’s manufacturing PMI released this week, which fell into contractionary territory with a reading of 49.6. The Caixin gauges focus primarily on smaller and private firms, while those from the National Bureau of Statistics primarily track larger, state-owned enterprises.
这个局面与本周发布的财新制造业PMI的情况形成对照，后者跌入收缩区间，至49.6。财新的指数主要聚焦于中小企业和民营企业，而国家统计局主要跟踪较大的国有企业。The independent services gauge rose in April to the strongest level since January thanks to a second straight uptick in new orders, though staff numbers rose at the slowest pace so far for the current nine-month streak of growth. That pushed work backlogs up after a marginal fall in April.5月财新服务业PMI升至1月以来的最强劲水平，原因是新订单连续第二个月上扬，尽管员工人数在此轮持续已9个月的增长中，正以迄今最慢的速度上升。这使积压工作量在4月略微下降后出现回升。Output costs rose again for a fourteenth month running while input costs likewise grew on the back of more expensive raw materials and higher staff wages.产出成本连续第14个月上涨，而投入成本同样随着原材料价格和员工工资提高而上涨。Together the services and manufacturing readings brought Caixin’s composite index for business activity in China to 51.5 in May, up slightly from a ten-month low of 51.2 in April.合并服务业和制造业PMI之后，财新中国综合PMI 5月达到51.5，略高于4月的10个月低点51.2。