China’s expanded business activity in the service sector in June shows the effect of restructuring as the economy moves away from reliance on manufacturing.
The Purchasing Managers’ Index for the service sector rose to an 11-month high of 52.7 in June, up from 51.2 in May, according to a survey conducted by Caixin Media Co and Markit, a financial information service provider.
A reading above 50 indicates expansion, while a reading below 50 means contraction.
“A month-on-month ticking up of PMI in the service sector shows China’s progress of restructuring,” said Niu Li, director of macroeconomics at the State Information Center, adding that the good performance in the service sector has offset some negative impacts on the econom…
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