Another sign the world’s second-largest economy may be losing steam comes in a private survey which showed China’s services sector expanded at its slowest rate in 17 months in December.
The Caixin/Markit purchasing manager’s index (PMI) fell to 50.2 from 51.2 in November. It was the lowest since July 2014.
A figure above 50 suggests growth in the sector, while one below that suggests contraction.
Policymakers and economist hoped Beijing’s push to restructure the economy with greater emphasis on services and consumption would more than offset the economic drag from persistent factory weakness.