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PHOTO FILE: Employees work at the headquarters of Ant Financial Services Group, Alibaba's financial subsidiary, in Hangzhou, Zhejiang Province, China, on January 24, 2018.
BEIJING (Reuters) – An official investigation revealed Thursday that China's service sector growth resumed for the second time in a row in January.
The official non-manufacturing PMI rose from 53.8 in December to 54.7 in January, well above the 50-point mark between growth and contraction.
The fast-growing services sector accounts for more than half of the Chinese economy and has helped mitigate the effects of the slowdown in manufacturing.
However, activity in services slowed in the last quarter due to a slowing real estate market and declining consumer demand. Wage increases that have fueled spending are starting to slow, while household debt is rising.
The composite PMI, which covers both manufacturing and services activities, reached 53.2 in January, up from 52.6 in December.
Reporting by the Beijing Monitoring Bureau; Edited by Kim Coghill
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