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China's services sector continued its expansion in January, although growth slowed slightly, a private study released on Sunday said, offering continued support to the world's second-largest economy, as manufacturing slowed. The Caixin / Markit PMI has declined slightly from 53.9 in December to 53.6 in January, but well above the 50.0 mark between growth and contraction. Foreign sales continued to support the sector, with new export activities recording the strongest growth in more than a year, thanks to the efforts of Chinese service companies to attract foreign customers. Overall, new orders also increased from 52.3 in December to 52.6. The resilience of the services sector, which accounts for more than half of China's gross domestic product, is essential to counter the current slowdown in the manufacturing sector. Chinese factories have been affected by long-term restructuring of industries, pollution repression and trade tensions between China and the United States.
"Overall, China's economic growth has been dampened by the weakening of domestic demand in January, although exports have improved slightly, with Sino-US trade talks showing signs of progress," he said. Zhong Zhengsheng, director of macroeconomic badysis of the CEBM group.
Posted in Daily Times, February 4th 2019.
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