Ser­vice sec­tor slowed in Jan­uary af­ter hit­ting a high

China Daily (Canada) - - NEWS CAPSULE -

China's ser­vice sec­tor slowed in Jan­uary, as a pri­vate sur­vey showed that an in­dex for the sec­tor fell slightly af­ter reach­ing a 17-month high in De­cem­ber 2016.

The Caixin Gen­eral Ser­vices Pur­chas­ing Man­agers’ In­dex (PMI) edged down to 53.1 last month from 53.4 in De­cem­ber, ac­cord­ing to the sur­vey con­ducted by fi­nan­cial in­for­ma­tion ser­vice provider Markit and spon­sored by Caixin Me­dia Co Ltd.

A read­ing above 50 in­di­cates ex­pan­sion, while any­thing be­low 50 rep­re­sents con­trac­tion.

The ser­vice sec­tor ac­counted for more than half of China’s econ­omy last year and for the ma­jor­ity of growth, as ris­ing in­comes made cater­ing, ho­tels and travel ser­vices more af­ford­able for Chi­nese con­sumers.

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