Slowing growth of China's service industry

Yesterday, HSBC released its latest China services purchasing Managers Index (PMI), which showed that China's service sector growth continued to slow in February, according to the Yin Xiaolin.　　At the same time, as companies have shifted some of the cost pressures to customers, the price of services has risen faster, creating a year-long record. The data showed that in February China's services PMI fell to 51.9%, well below the 57.5% per cent long-term average, indicating only a modest increase in business activity in the service sector. The sluggish growth in service output mainly reflects the continued slowdown in the new business.　　However, in February, the scale of employment continued to rise steadily, with the industry's confidence at 6-month highs. In addition, the average cost of investment in our services continued to rise in February, but the rate has slowed to a 4-month low.　　Service companies have also continued to raise fees, and the rate of increase has hit a year high. The survey found that companies surveyed by the respondents to increase the cost of the pressure to transfer to customers.　　Since January 2010, the price of services has been rising.　　Small link The HSBC services PMI is based on a survey of purchasing managers from private service companies, reflecting the prevailing conditions in the service sector.　　When the data is above 50%, the enterprise activity expands, and below 50% means the enterprise activity shrinks. At present, China's service industry accounted for about 40% of the total economy, far lower than the developed countries.