FILE PHOTO: An employee arranges bobbins at a textile plant in Haian county, Jiangsu province, China November 28, 2017. China Daily/via REUTERS/File Photo
BEIJING (Reuters) – Growth in China’s services industry picked up in December after a two-month slowdown, an official survey showed, offering some respite for the slowing economy though the outlook remains gloomy as domestic and external risks to growth rise.
The official non-manufacturing Purchasing Managers’ Index (PMI) released on Monday rose to 53.8 from 53.4 in November, well above the 50-point mark that separates growth from contraction.
The services sector accounts for more than half of China’s economy, with rising wages giving Chinese consumers more spending power. But consumer demand and confidence have been faltering recently in a sign of growing pressure on the economy.
Reporting by Beijing Monitoring Desk; Editing by Jacqueline Wong