China's service sector continued to expand in January, albeit at a softer pace than in December, with the Caixin China General Services Business Activity Index landing at 51.0, lower than last month's 52.2, according to a report released by the S&P Global on Wednesday.
The figure landed below investors' estimates. Meanwhile, the composite PMI came in at 51.1 in January, lower than last month's 51.4.
"The pace of expansion in both supply and demand slowed. While business activity and new orders grew for the 25th consecutive month, they both expanded at their slowest rates in four months. External demand rebounded in January after recording a short-lived decline in the previous month, with the gauge for new export orders remaining in expansionary territory for the 16th time in the past 17 months," Dr. Wang Zhe, Senior Economist at Caixin Insight Group said of the services PMI.
