BEIJING (Reuters) - Growth in China’s services sector slowed slightly in April compared with the previous month but remained robust, an official survey showed on Sunday.
The official non-manufacturing Purchasing Managers’ Index (PMI) stood at 54.0 in April, compared with the previous month’s reading of 55.1 and above the 50-point mark that separates growth from contraction on a monthly basis.
The March reading was the highest since May 2014.
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 as they try to rebalance the country’s economic growth model from a heavy reliance on investment and exports.
Reporting by Sue-Lin Wong; Editing by Sam Holmes