China's services growth in December hits 17-month low
Caixin's gauge indicates an economy losing steam
Beijing
ACTIVITY in China's services sector expanded at its slowest rate in 17 months in December, a private survey showed on Wednesday, in a further indication that the world's second largest economy may be losing steam.
Policymakers and economists have hoped Beijing's push to restructure the economy with a greater emphasis on services and consumption would more than offset the economic drag from persistent factory weakness, but the survey's findings did not bolster that view.
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