A woman gets her phone’s QR code of the digital payment services scanned at a food shop, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China October 10, 2020. REUTERS/Aly Song
BEIJING, Oct 31 (Reuters) – Activity in China’s services sector grew at a slower pace in October, official data showed on Sunday, as China combats small-scale COVID-19 outbreaks hitting mainly the north.
The official non-manufacturing Purchasing Managers’ Index (PMI) fell to 52.4 in October from September’s 53.2, data from the National Bureau of Statistics (NBS) showed. The 50-point mark separates growth from contraction on a monthly basis.
Analysts say the services sector, which was slower to recover from the pandemic than manufacturing, is more vulnerable to sporadic COVID-19 outbreaks, clouding the outlook for the much anticipated rebound in consumption in the months to come.
The official October composite PMI, which includes both manufacturing and services activity, fell to 50.8 from September’s 51.7.
(This story corrects month in final paragraph)
Reporting by Ryan Woo and Gabriel Crossley; Editing by Richard Pullin
Our Standards: The Thomson Reuters Trust Principles.
The many different trade and aid policies being pursued by China globally have been heavily criticised but can developing countries become more independent or will China’s policy reform?
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