China's Service Sector Plummets Amid Trade War and Internal Challenges

TL;DR;

China's service sector confidence plummeted in April to a historic low, excluding the COVID-19 period, due to unresolved trade tensions with the U.S. This led to a drop in the Caixin Services PMI to 50.7, signaling economic contraction. Internal challenges, such as the real estate crisis, further exacerbate the situation by depressing domestic consumption.