China services activity grows more than expected in May- Caixin PMI
Investing.com-- China’s services sector grew more than expected in May, private purchasing managers index data showed on Wednesday, as persistent stimulus measures from Beijing benefited some facets of the economy.Increased new business- on improving local and overseas demand- were a key boost to the sector. Wednesday’s reading showed the services PMI expanding for a 17th consecutive month.But the Caixin PMI survey differs from the official survey in its scope and areas covered.
But weak official PMI data signaled that the country’s biggest enterprises were still under pressure from weak demand and sluggish spending.
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