Asian Markets

Growth in China's services sector surges in March

1 minute read

BEIJING, March 31 (Reuters) - Activity in China's services sector expanded at a much faster pace in March, official data showed on Wednesday.

The official non-manufacturing Purchasing Managers' Index (PMI) surged to 56.3 from 51.4 in February, data from the National Bureau of Statistics (NBS) showed. The 50-point mark separates growth from contraction on a monthly basis.

China's services sector, which includes many smaller and private companies, has lagged the recovery in manufacturing. The Chinese consumers, however, have started to perk up recently after months of hesitation.

The official March composite PMI, which includes both manufacturing and services activity, rose to 55.3 from February's 51.6.

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Reporting by Stella Qiu and Gabriel Crossley; Editing by Himani Sarkar

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