INSUBCONTINENT EXCLUSIVE:
China’s sprawling services sector maintained a solid pace of expansion in January even though growth moderated slightly, a private survey
showed on Sunday, offering continued support for the world’s second-largest economy as manufacturing cools.
The Caixin/Markit services
purchasing managers’ index (PMI) fell slightly to 53.6 in January from 53.9 in December, but well above the 50.0 mark separating growth
from contraction.
Overseas sales continued to support the sector, with new export business rising at the fastest clip in more than a year,
thanks to efforts among Chinese services firms to attract foreign clients
Overall new orders also ticked higher, to 52.6 from 52.3 in December.
The resilience of the services sector, which accounts for more than
half of China’s gross domestic product, is key to countering the ongoing slowdown in manufacturing.
Chinese factories have been hit by a
long-term restructuring of industries, a crackdown on pollution and China’s trade tensions with the United States.
