December 31, 2017 / 1:26 AM / 7 months ago

China December official services PMI edges up to 55

BEIJING (Reuters) - Growth in China’s services industry picked up in December, an official survey showed on Sunday, as the sector continued to show solid expansion.

A waiter walks past a notice promoting WeChat Pay inside a restaurant in Guangzhou, China May 9, 2017. Picture taken May 9, 2017. REUTERS/Bobby Yip

The official non-manufacturing Purchasing Managers’ Index (PMI) rose to 55 from 54.8 in November.

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.

Reporting by Ben Blanchard; Editing by Kim Coghill

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