China’s Service Sector Shows Resilience Amid Economic Slowdown

Amid a backdrop of weakening economic growth, China’s services industry demonstrated resilience as it expanded in October, albeit at a slower pace compared to the previous three months. According to a recent statement, the RatingDog China services purchasing managers’ index dipped slightly to 52.6 from 52.9 in September, maintaining growth momentum observed since the Covid lockdowns in 2022. Economists had envisaged a figure of 52.5 with any value above 50 signifying growth. This data sheds light on an industry that is weathering the storm of subdued consumer demand, distinct from the prevailing economic slowdown. Whereas official PMIs suggested a slight…