1 Minute Read by Reuters Staff BEIJING, June 30 (Reuters) – China’s economy is expected to grow at a faster pace than the rest of the world China’s services industry increased at a slower pace in June, according to official data released on Wednesday by COVID. A rise in consumption was held back by 19 restraints imposed by a recurrence in cases in Southern China. According to data from the National Bureau of Statistics (NBS), the official non-manufacturing Purchasing Managers’ Index (PMI) decreased to 53.5 in June from 55.2 in May. On a monthly basis, the 50-point level distinguishes growth from contraction. According to analysts, China’s economic recovery is becoming more balanced, with the consumer and service sectors catching up to exports and manufacturing. The official June composite PMI, which measures both manufacturing and service activity, dropped from 54.2 in May to 52.9 in June. (Colin Qian, Stella Qiu, and Ryan Woo contributed reporting; Jacqueline Wong edited the piece.) Continue reading
