China services sector picks up steam in October-official PMI

BEIJING, Nov 1 (Reuters) - Growth in China’s services sector accelerated in October at a faster pace than in the previous month, an official survey showed on Tuesday.

The official non-manufacturing Purchasing Managers’ Index (PMI) stood at 54.0 in October, compared to the previous month’s reading of 53.7 and well above the 50-point mark that separates growth from contraction on a monthly basis.

China is counting on growth in services to offset persistent weakness in exports that is dragging on the world’s second-largest economy.

The economy expanded at a steady 6.7 percent in the third quarter and looks set to hit Beijing’s full-year target, fueled by stronger government spending, record bank lending and a red-hot property market that are adding to its growing pile of debt.

Reporting by Cheng Fang and Nicholas Heath; Editing by Kim Coghill