Caixin China services PMI for November rose to 57.8, an increase of 1 percentage point from October, the second highest reading since May 2010 and second only to June 2020. The previously released Caixin China manufacturing PMI for November rose to 54.9, 1.3 points higher than that of October and a new high in a decade. Driven by this, the Caixin composite PMI rose 1.8 percentage points to 57.5 in November, the strongest reading since March 2010. Local sporadic infections in China did not delay the pace of recovery in the service sector, and the recovery of supply and demand in the service sector continued to accelerate. In November, PMI and new order index in the service sector expanded for seven consecutive months, rising to the second highest point and the highest point respectively since May 2010. The recovery in external demand is also strong. The index of new export orders for the services sector rose sharply above the threshold that separates expansion from contraction in November, the first increase since June and the fastest pace since April 2019. The survey sample companies generally reported an increase in the number of customers home and abroad against the backdrop of a continued recovery in overall market conditions. This shows that export demand has improved significantly despite the uncertainty of foreign pandemic situation. The prosperity at both ends of supply and demand in the service sector is transmitted to the labor market, helping the service sector employment index expand for a fourth consecutive month. In the context of stronger demand, companies in the service sector have been able to increase their fees. Both the input and fee indices for the service sector rose in expansion territory in November, recording their highest levels since September and March 2010 respectively, and inflationary pressures are beginning to emerge. Companies generally expect the global economy to recover from the health crisis in the coming year, with stronger domestic demand and new product launches expected to drive business activity.