- This December, China witnessed a slow rate of it’s industry expansion.
- The service sector is growing whereas the manufacturing sector is bearing the brunt of the slowed pace.
Chinese manufacturing sector activity expanded at a slower pace in December while the service sector continued its growth, according to the Purchasing Managers’ Index (PMI).
The PMI of China’s manufacturing activity was released on Sunday. It stood at 51.6 points in December, down from 51.8 in November, Efe news quoted the figures released by the National Bureau of Statistics (NBS) as saying.
A figure above 50 points suggests expansion while a figure lower than 50 indicates contraction. The service sector already accounts for more than half of China’s gross domestic product.
The December figure for the manufacturing index was at par with the annual average, which points to strong resilience in China’s growth, according to NBS statistician Zhao Qinghe. IANS