China’s services sector grew at its slowest rate in four months in March, according to the Caixin China General Services Business Activity Index, hampered by slower new business growth and weaker business sentiment.
The index, an aggregate indicator with an average, no-growth benchmark of 50, sank to 52.3 last month from February’s strong 54.2.
Many of the factors included in the figure, such as new business, new employment, and new orders grew at their slowest rate in months. Outlook amongst business owners towards the coming year’s business activity was at a six-month low in March.
The services sector, including finance, real estate, and retail, made up around 51.6% of China’s output last year, leading analysts to view yesterday’s data as a sign of the country’s slowing economy.