Growth of China’s service sector fell to a 21-month low

Almaty. October 9. Silkroadnews – Growth of China’s service sector fell to a 21-month low, the Market Watch news portal reported.
“Growth in activity in China’s service sector slowed sharply in September, a private gauge showed Monday, in contrast with official data showing a faster pace of activity. The Caixin China services purchasing managers' index slipped to 50.6 in September from 52.7 in August, marking a 21-month low,” the report said.
It is explained that the reading above 50 indicates an increase in activity compared to the previous month, while reading below 50 shows a reduction.
September data also show growth in both number of new orders and services sector output.
“The Chinese economy generally held up well in the third quarter. However, the expansion in both manufacturing and services cooled in September, suggesting downward pressure on economic growth may reemerge in the fourth quarter,” the agency quoted saying by Zhengsheng Zhong, director of Macroeconomic Analysis at CEBM Group. According to the publication, the official PMI index in China, which includes the construction sector, rose to 55.4 in September from 53.4 in August.