Services Sector in China Reports Slow Growth in August

Services-Sector-in-ChinaIn the month of August, the services sector of China was found growing at a very slow pace. The Tuesday-released official data showed that domestic demand increased, making the Chinese service sector to fall.

The latest data strengthened the signs that the second-largest economy of the world was being turned out of its highest deceleration by the government measures.

It has been found that the non-manufacturing purchasing managers' index (PMI) was down from 54.1 in July, at 53.9 last month. The National Bureau of Statistics, which released the report, said that the latest figures matched those noted in June.

A pair of manufacturing PMIs was followed by the survey. The same hinted that there was an increase in factory activity in August.

According to the findings, a reading, when more than 50, is a hint that the sector was on rise. However, the one below 50 points was a hint to a slowdown.

In order to indicate that the economy was likely improving, a cautiously upbeat note was struck by Premier Li Keqiang on Tuesday.

"The non-manufacturing sector grew steadily in August. The rise in new orders set a good foundation for growth in the next few months", said China Federation of Logistics and Purchasing's (CFLP) vice head, Cai Jin.