Activity in China's services sector grew at a slower pace in January, official data showed on Sunday, as China battles a resurgence of COVID-19 outbreaks that are hitting consumer confidence, Reuters reports.
The official non-manufacturing Purchasing Managers' Index (PMI) was at 51.1 in January versus December's 52.7, data from the National Bureau of Statistics (NBS) showed. The 50-point mark separates growth from contraction on a monthly basis. read more
While the world's second-largest economy broadly rebounded last year from 2020's pandemic-induced slump, the services sector has lagged the recovery as China's tough zero-COVID approach weighs on consumer spending.
China's official composite PMI, which includes both manufacturing and services activity, stood at 50.1, compared with 52.2 in December.