China March service sector growth fastest in nearly 3 years – official PMI

Growth in China’s services sector accelerated in March at the fastest pace in nearly three years, an official survey showed on Friday.

The official non-manufacturing Purchasing Managers’ Index (PMI) stood at 55.1, compared with the previous month’s reading of 54.2, and well above the 50-point mark that separates growth from contraction on a monthly basis.

The reading was the highest since May 2014.

The services sector accounted for over half of China’s economy last year and for the majority of its 6.7 percent growth as rising wages give Chinese consumers the opportunity to shop, travel and eat out more.

China’s policymakers are counting on growth in services and consumption as they try to rebalance the country’s economic growth model from a heavy reliance on investment and exports.

Originally published by Reuters.

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