BEIJING (Reuters) - Growth in China’s services sector accelerated in May from the previous month, an official survey showed on Wednesday.
The official non-manufacturing Purchasing Managers’ Index (PMI) stood at 54.5 in May, compared with 54.0 in April and 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 as rising wages give Chinese consumers the opportunity to shop, travel and eat out more.
China’s policymakers are counting on growth in services and consumption as they try to rebalance the economic growth model from its heavy reliance on exports and investment.
Reporting by Beijing Monitoring Desk; Editing by Shri Navaratnam