The services sector in China gained momentum in August following a decline in the previous month, according to the official report on Friday. Somehow this supports the economic slowdown of the US amid the stiff tariffs of Chinese goods.
The official Purchasing Managers’ Index (PMI) of the non-manufacturing sector grew to 54.2 after an 11-month low of 54.0 in the previous month, whereas higher than 50 mark divides growth from contraction.
More than half of the Asian economy relies on the services sector, supported by higher spending power from increasing wages of Chinese people.
The composite PMI, including the manufacturing and services activity, rose to 53.8 this month from 53.6 in the previous one.
Although, it is unforeseen for the manufacturing sector in the Chinese sector in China to rise from a two-months decline while the PMI increased to 51.3 from 51.2 in July.
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