The services sector in China continued to expand in December, albeit at a slower pace, the latest survey from Caixin showed on Wednesday with a services PMI score of 56.3.
That’s down from 57.8 in November, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.
Individually, the softer rise in overall activity coincided with a slower expansion of total new work at the end of 2020. Although rising solidly overall, the latest increase in new [business][1] was the least marked since September.
The slowdown occurred alongside a weaker upturn in foreign demand. Export sales rose modestly overall, after expanding at the quickest rate for over a year-and-a-half in November. Panel members indicated that the pandemic, and the recent resurgence of the virus in key export [markets][2], continued to limit growth of overseas business.
The survey also showed that its composite index fell to 55.8 in December from 57.5 in November.
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