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BEIJING (Reuters) – China's service-sector growth accelerated in March, an official survey revealed on Sunday, providing a breathing space for a slowing economy.
The official index of non-manufacturing purchasing managers (PMI) rose from 54.3 in February to 54.8 in March, well above the 50-point mark that separates contraction growth.
The rapidly growing service sector accounts for more than half of the Chinese economy and has helped mitigate the effects of slower manufacturing. But it slowed at the end of last year due to the slowing real estate market and declining consumer demand for products ranging from cars to cell phones.
The composite PMI, which covers both the manufacturing and services sectors, edged up from 52.4 in February to 54.
(Reports by the Beijing Monitoring Bureau, edited by Paul Tait)
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