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- China's service sector activity grows at slower pace in December
China's service sector activity grows at slower pace in December
According to the report from National Bureau of Statistics, growth in China's services sector activity cooled in December.
The official services PMI slipped to 53.5, from an eight-month high of 54.4 in November. Economists had expected a decline to 53.6. The 50-point mark separates growth from contraction on a monthly basis.
Beijing has been counting on a strong services sector to help offset prolonged weakness in manufacturing, which has been weighed down by weak domestic and global demand and the protracted U.S.-China trade war. Economic growth has slowed to near 30-year lows.
The report also showed that manufacturing activity in China expanded for a second straight month in December as seasonal demand and signs of progress in trade talks with Washington boosted factories' output and order books.
China's official PMI was unchanged at 50.2 in December from November, slightly higher than the 50.1 expected.
The official December composite PMI, which includes both manufacturing and services activity, fell to 53.4 from November's 53.7.
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