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China services sector reaches new high
November 3, 2013, 5:27 am

China’s top leadership have indicated they are ready for a slowdown in order to be able to focus on policy changes to support more sustainable growth [Xinhua]

China’s top leadership have indicated they are ready for a slowdown in order to be able to focus on policy changes to support more sustainable growth [Xinhua]

China‘s services sector brought further cheer as it scaled a new high this year showing strong consumption and employment, official data released on Sunday shows.

The purchasing managers’ index (PMI) for China’s non-manufacturing sector stood at 56.3 per cent in October, up from 55.4 per cent for September.

A PMI reading above 50 per cent indicates expansion in non-manufacturing activities, while a reading below 50 per cent points to contraction.

The non-manufacturing PMI tracks service, construction, software, aviation, railway transport and real estate among other sectors, according to the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing (CFLP).

China’s manufacturing PMI hit an 18-month high in October.

Cai Jin, CFLP vice chairman, said the construction and service sectors are becoming increasingly active, and the non-manufacturing sector is absorbing more labor.

“The non-manufacturing sector is now important in supporting steady growth of the economy,” said Cai.

The sub-indices for business activity in the construction sector gained 0.5 percentage point to 62 per cent in October. The service sector rose 0.9 percentage point to 54.8 per cent.

China’s top leadership have indicated they are ready for a slowdown in order to be able to focus on policy changes to support more sustainable growth.

Source: Agencies

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