BEIJING (Reuters) - Growth in China’s services industry slowed in October, an official survey showed on Tuesday, but the sector continued to show solid expansion.
The official non-manufacturing Purchasing Managers’ Index (PMI) fell to 54.3 from 55.4 in September, which was the strongest reading since May 2014.
The services sector accounts for over half of China’s economy, with rising wages giving Chinese consumers more spending power.
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.
Reporting by Elias Glenn; Editing by Kim Coghill