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China's service sector grows at slower pace: HSBC
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China's service sector continued to grow in April, but at a slower pace, according to an industry index released by banking institution HSBC today.
The HSBC/Markit China Services Business Activity Index, an indicator designed to provide a snapshot of operating conditions in the sector, stood at 51.4 in April, down from 51.9 in March.
"Service sector firms saw a modest expansion of business activity. That said, the rate of growth eased from March and remained weak in the context of historical data," said data company Markit in a statement.
A reading above 50 indicates expansion, while one below 50 indicates contraction.
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