January 1, 2017 / 1:17 AM / a year ago

China services growth slows in December

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.

A waitress sleeps as she take a break at a restaurant located in the Pudong financial district of Shanghai July 8, 2013. REUTERS/Carlos Barria

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, fueled by stronger government spending, record bank lending and a red-hot property market.

Reporting by Ben Blanchard; Editing by Richard Pullin

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below