Growth In China Services Activity Slows In Feb – Caixin PMI

Growth In China Services Activity Slows In Feb – Caixin PMI.

International News

Growth in China’s services activity slowed in February, a private survey showed on Thursday, adding to risks for policymakers in Beijing who are counting on robust growth in the sector to offset a planned overhaul of bloated state companies. The Caixin/Markit Purchasing Managers’ Index (PMI) fell to 51.2 in February from a six-month high of 52.4 in January. A level above 50-point neutral mark signifies an expansion on a monthly basis, while one below that points to a contraction. The results of the private survey suggest that a prolonged slowdown in the world’s second-largest economy and protracted weakness in manufacturing is starting to drag on its non-manufacturing sector, which has been one of the few bright spots in the economy. The government has been keen to promote higher consumption to replace flagging “old growth” drivers such as heavy industry