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China's services activity cools in February: official PMI
Growth in China`s services industry slowed in February after rebounding for two straight months, an official survey showed on Thursday, and analysts expect further weakness this year as a slowing economy makes consumers more cautious about spending.
The official non-manufacturing Purchasing Managers` Index (PMI) fell to 54.3 in February from 54.7 in January, but still well above the 50-point mark that separates growth from contraction.
The fast-growing services sector accounts for more than half of China`s economy, and has helped buffer the impact of slowing manufacturing. Factory activity has contracted for three straight months.
But services activity softened late last year amid a cooling property market and faltering consumer demand for products from cars to mobile phones.
Chinese policymakers have introduced a raft of measures to encourage a "consumption upgrade" among middle-class consumers who now demand higher quality products.
The composite PMI, which covers both manufacturing and services activity, edged down to 52.4, from January`s 53.2.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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