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China’s Feb service sector activity growth accelerates

by Mike Robinson

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© Reuters. Before the Lunar New Year’s Eve Dinner Service at The Red Chamber Restaurant in Beijing, China on January 31, 2022, staff set the tables. REUTERS/Florence Lo

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BEIJING, (Reuters) – China’s service sector grew more quickly in February than expected according to data published Tuesday.

According to data from National Bureau of Statistics, the official PMI (Purchasing Managers’ Index) for non-manufacturing was 51.6 in February and January’s 51.1. This 50-point difference separates monthly growth and contraction.

The world’s second largest economy recovered last year after a pandemic-induced slump in 2020. However, services have lagging the recovery because of China’s strict zero-COVID policy. This has had a negative impact on consumer spending.

China’s composite PMI (which includes manufacturing activity and services activity) was 51.2 in February, as compared to 50.1 in January.

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