China's non-manufacturing activity moderated in October, while the services sector remained broadly stable, with holiday-related consumption and certain service industries showing relatively strong growth, official data showed on Saturday.
The purchasing managers' index (PMI) for the non-manufacturing sector came in at 49.7 in October, down 0.5 points from September, partly due to weaker activity in some service industries, according to the National Bureau of Statistics (NBS).
A reading above 50 indicates expansion, while a reading below 50 signifies contraction.
The new orders index came in at 44.4 percent, down 2.1 percentage points month on month.
Construction and services showed diverging performance, with the decline in construction becoming the main drag on the overall non-manufacturing sector.
As construction activity has weakened, it is necessary to accelerate the disbursement of special bonds and ultra-long special treasury bonds, unblock the chain from fund deployment and project commencement to the creation of physical work volume, and better leverage investment to stabilize growth.
In services, the boost from holiday consumption was fully evident. Railway and air transport activity rose, postal services saw strong demand from online purchases, and demand for scenic spots, cultural, sports and entertainment activities picked up, featuring robust travel, growth in online consumption and a boom in cultural tourism.
"The information services sector, represented by internet software and IT services, continued to expand, with new drivers in the digital economy continuously unleashed under the 'AI Plus' initiative. In the fourth quarter, sustained efforts are needed on the investment front to accelerate project implementation and effectively boost private investment. At the same time, the space for service consumption should continue to be expanded, promoting coordination between investment and consumption to consolidate the foundation for economic growth," said He Hui, vice president of the China Federation of Logistics and Purchasing.
China's non-manufacturing PMI dips, services activity remains stable in October
China's non-manufacturing PMI dips, services activity remains stable in October
China's non-manufacturing PMI dips, services activity remains stable in October
