BEIJING – Activity in China’s services sector grew at a faster pace in February, official data showed on Tuesday.
The official non-manufacturing Purchasing Managers’ Index (PMI) was at 51.6 in February versus January’s 51.1, data from the National Bureau of Statistics (NBS) showed. The 50-point mark separates growth from contraction on a monthly basis.
While the world’s second-largest economy rebounded last year from 2020’s pandemic-induced slump, the services sector has lagged the recovery as China’s tough zero-COVID approach has weighed on consumer spending.
China’s official composite PMI, which includes both manufacturing and services activity, stood at 51.2, compared with 50.1 in January.
(Reporting by Stella Qiu and Ryan Woo; Editing by Christian Schmollinger)