Service sector expands faster
Business activity in China’s service sector accelerated slightly in August, a private survey showed on Monday. The Caixin China General Services PM I( Purchasing Managers’ Index) came in at 52.1 in August, up from 51.7 in July, 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 a reading below 50 represents contraction. The surveyed companies partly linked higher business activity to new projects. The sector’s staff numbers stabilized in August after a marginal reduction in July, as some service providers hired additional employees to help with new projects, the survey showed.