You are here

China services sector growth picks up in Jan: official PMI

Wednesday, February 1, 2017 - 09:25

chinaservices.jpg
Growth in China's services sector accelerated in January compared with the previous month, an official survey showed on Wednesday.

[BEIJING] Growth in China's services sector accelerated in January compared with the previous month, an official survey showed on Wednesday.

The official non-manufacturing Purchasing Managers' Index (PMI) stood at 54.6 in January, compared with the previous month's reading of 54.5, and well above the 50-point mark that separates growth from contraction on a monthly basis.

The services sector accounted for over half of China's economy last year and for the majority of its 6.7 per cent growth as rising wages give Chinese consumers the opportunity to shop, travel and eat out more.

Policymakers are counting on growth in services to offset persistent weakness in exports that is dragging on the world's second-largest economy.

REUTERS

sentifi.com

Market voices on:

Nespresso
Pair your daily business read with the perfect cup of espresso.

Subscribe to The Business Times today to receive your very own Nespresso Inissia coffee machine worth $188.

Find out more at btsub.sg/btdeal

Powered by GET.comGetCom