Domestic demand drove activity in the services sector. AFPReutersThe recovery in China’s service sector activity extended into a sixth straight month in October, an industry survey showed yesterday, with hiring picking up to the highest level in a year but overseas demand slipping. The services sector, which accounts for about 60 percent of the economy and half of urban jobs, had initially been slower to return to growth than large manufacturers, but the recovery has gathered pace in recent months. Domestic demand drove activity, with the survey showing new export business received by Chinese services firms slipping further into contraction in October, at the fastest rate since July. The official PMI showed activity in China’s services sector expanded at the fastest pace since 2013 in October.

Source: The Standard November 04, 2020 09:00 UTC