China's Services Sector Records Solid Growth In January

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Markit Economics reported on Wednesday that the China HSBC services purchasing managers' index stood at a seasonally adjusted 56.8 in January. A reading above 50 indicates expansion, while one below suggests contraction.

Levels of new business received by Chinese service providers rose again in January, increasing at a robust rate that was unchanged on the month. Employment levels in the services sector continued to rise, increasing at a solid rate that was the fastest in four months.

Input costs faced by service providers increased for the third month running in January, while output charges were increased after a slight fall in the previous month.

Meanwhile, the HSBC composite output index, which is a weighted average of the manufacturing output index and the services business activity index, climbed to 59.0 in January - its highest level since August 2009.

Markit Economics reported on Wednesday that the China HSBC services purchasing managers' index stood at a seasonally adjusted 56.8 in January. A reading above 50 indicates expansion, while one below suggests contraction. (Market News Provided by RTTNews)