China November official services PMI rises to 54.8

[BEIJING] Growth in China's services industry picked up in November, an official survey showed on Thursday, as the sector continued to show solid expansion.

The official non-manufacturing Purchasing Managers' Index (PMI) rose to 54.8 from 54.3 in October.

China's leaders are counting on growth in services and consumption to rebalance their economic growth model from its heavy reliance on investment and exports.

The services sector accounts for over half of China's economy, with rising wages giving Chinese consumers more spending power.

REUTERS