China’s services growth slows to 10-month low

The private survey revealed that new business growth has slowed down to its weakest pace since March, reflecting weaker demand conditions in China’s domestic market. The services sector, a key focus for policymakers looking to shift growth away from exports and manufacturing, has been hampered by subdued household spending and cautious consumer behavior. The weaker PMI data from the private survey contrasts with the official services PMI released earlier, which showed activity slipping into contractionary territory. Despite the slowdown in overall activity, China’s services exports have continued to grow for the third consecutive month. Survey respondents attributed this growth to…