China’s services sector grew at its fastest pace this year in December as a sizzling
stock market rally helped boost consumer confidence [Xinhua]
Activity in the service sector in China dipped slightly in January, the Caixin General Services Purchasing Managers’ Index (PMI) showed on Monday.
The Caixin China General Services PMI, which is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 companies, fell to 53.1 in January from 53.4 in December.
December’s figures marked a 17-month streak of activity growth.
This PMI survey is conducted by financial information service provider Markit and sponsored by Caixin Media Co. Ltd.
The Caixin PMI appears to be in tandem with National Bureau of Statistics (NBS) reports on the manufacturing sector.
Last week, its data showed that while it dropped 0.1 from December, the manufacturing Purchasing Managers’ Index (PMI) was 51.3 in January.
The government survey tracks the health of some 3,000 large and state-owned companies.
The reading is above the neutral 50-point level, signalling an expansion in the manufacturing sector, according to the NBS.
While the January data is slightly lower than December, it nonetheless shows that China’s economy is stabilizing, analysts have said.
The BRICS Post with inputs from Agencies
