China's services sector expanded at a slower pace in December following a s...
BEIJING - China’s services sector expanded at a slower pace in December following a strong rebound in the previous month, with business confidence falling to the second lowest on record despite a pick-up in new orders, a private survey showed on Monday.
The index has stayed above the 50-point margin that separates growth from contraction on a monthly basis since late 2005.the official non-manufacturing PMI, published by the National Bureau of Statistics, which fell from November’s eight-month high. Services companies surveyed expressed concerns over subdued economic conditions and a lack of staff, the Caixin survey showed. Their expectations regarding the one-year outlook for business activity fell to the second-lowest level since the series began in 2005.
“It is difficult for the measure of business confidence, which remained at a relatively low level in December, to improve. That has become a major hurdle to stabilizing the economy,” Zhong said.
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