China’s nonmanufacturing sector records slower expansion in October

2017-10-31
Xinhua

BEIJING — China’s nonmanufacturing sector continued steady expansion in October, according to official data released on Oct 31.

The nonmanufacturing purchasing managers’ index (PMI) came in at 54.3 in October, slightly down from 55.4 in September but still in expansionary territory, according to the National Bureau of Statistics (NBS).

A reading above 50 indicates expansion, while a reading below that reflects contraction.

The service sector, which accounted for more than half of the country’s gross domestic product (GDP), continued steady growth, with the sector’s business activity index standing at 53.5 in October, NBS data showed.

Spurred by the weeklong National Day holiday earlier this month, industries such as accommodation, retail, railway and air transportation, logistics, tourism and internet services witnessed relatively fast growth, according to NBS senior statistician Zhao Qinghe.

However, the business activity index for producer services dropped to 52.3 due to a slowdown in the expansion of the manufacturing sector last month, Zhao said.

NBS data showed that the country’s manufacturing PMI was 51.6 for October, moderating from 52.4 in September and 51.7 in August.

The sub-index for the construction industry was 58.5, boosted by progress in the Belt and Road Initiative, which brought a fast rise in overseas orders, according to Zhao.

The sub-index for the overall business outlook stood at 60.6, indicating high market confidence, NBS data showed.