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China June official services PMI rises to 54.9 vs 54.5 in May
June 30, 2017 / 1:16 AM / 3 months ago

China June official services PMI rises to 54.9 vs 54.5 in May

FILE PHOTO: Steam and smoke rise from a factory in the Guantao Chemical Industry Park in the early morning near the villages of East Luzhuang and Nansitou, Hebei province, February 22, 2017. REUTERS/Thomas Peter/File Photo

BEIJING (Reuters) - Growth in China’s services sector accelerated in June from the previous month, an official survey showed on Friday.

The official non-manufacturing Purchasing Managers’ Index (PMI) stood at 54.9 in June, compared with 54.5 in May and above the 50-point mark that separates growth from contraction on a monthly basis.

The services sector accounted for over half of China’s economy last year 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 to rebalance the economic growth model from its heavy reliance on exports and investment.

Reporting by Beijing Monitoring Desk; Editing by Shri Navaratnam

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