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China's services sector growth cooled in May, data reveal

  • The services sector growth in China cooled in May, official data have revealed.

    The purchasing managers’ index or PMI of the services sector fell from 53.4 in April to 53.2 in May, according to the National Bureau of Statistics.

    An above 50 reading indicates growth, while a reading below 50 reflects contraction.

    Meanwhile, in China’s crucial manufacturing sector, the PMI grew from 50.1 in April to 50.2 in May. However, the export demand has continued to contract.

    Tagged as: services sector, China, PMI, manufacturing, export demand, Chinese economy, business news