January 1, 2017 / 1:09 AM / 7 months ago

China services growth slows in December

1 Min Read

BEIJING (Reuters) - Growth in China's services sector expanded in December at a slower pace than in the previous month, an official survey showed on Sunday.

The official non-manufacturing Purchasing Managers' Index (PMI) stood at 54.5 in December, compared with the previous month's reading of 54.7, but well above the 50-point mark that separates growth from contraction on a monthly basis.

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

The economy expanded at a steady 6.7 percent in the third quarter and looks set to hit Beijing's full-year growth target, fuelled by stronger government spending, record bank lending and a red-hot property market.

Reporting by Ben Blanchard; Editing by Richard Pullin

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