China's service sector continued to expand in February at a slightly faster pace than in January, with the Caixin China General Services Business Activity Index landing at 51.4, higher than last month's 51, according to a report released by the S&P Global on Wednesday.
The figure landed above analysts' estimates. Meanwhile, the composite PMI came in at 51.5 in February, higher than last month's 51.1.
"Both supply and demand grew. Amid an improving economic environment, service providers continued to roll out new products and ramp up their promotional efforts. The gauges for business activity and total new orders remained above 50 for the 26th straight month, both edging up from January. External demand improved, as the gauge for new export orders hit a three-month high while staying in expansionary territory," Dr. Wang Zhe, Senior Economist at Caixin Insight Group said.
