SHANGHAI, Sept. 5, 2017 /PRNewswire/ -- A recent survey by Ashton Whiteley shows that China's services sector grew at a faster rate last month as fresh business increased. Analysts at the Shanghai, China-based investment house are of the opinion that the results of the survey indicate greater stability in a crucial sphere of the Chinese economy.
The study's results echoed those of an official report on the services sector, which last week indicated strong growth in the non-manufacturing sector.
In August, the Caixin/Markit index (PMI) increased to its highest in three months while new business also grew at the fastest rate since May of this year. Businesses employed the most laborers in four months.
A reading lower than 50 on the PMI is an indication of contraction whereas anything higher than 50 is indicative of expansion.
In August the Caixin index for factory movement stood at 51.6, its highest in half a year.
China is relying on services, principally services in the financial and technology sectors, to decrease the economy's customary dependence on investment and heavy industry.
An Ashton Whiteley analyst stated that, according to official government statistics, the services sector - which accounted for more than 50 percent of China's economy in the first six months of this year, grew by 7.7 percent in that period. This growth overtook the entire overall GDP growth of 6.9 percent.
The Ashton Whiteley analyst added that the recovery in the services and manufacturing sectors had caused a significant improvement in the overall economic outlook for China.
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