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China’s service sector activity drops slightly in May

Growth in China’s services cooled in May as new business and hiring slowed. The Caixin/Markit services purchasing managers’ index dropped to 51.2 from 51.8 in April. It is the lowest level since February. But still above the 50-line separating expansion from contraction.

The drop is in line with the official survey where the services PMI dipped to 52 from 52.4.

In a note attached to the report, Doctor Zhong Zhengsheng said the government needs to continue to push forward stabilizing measures to help economy recover. He calls the government to relax the control and regulation of the services sector to enable it to realize growth potential and to facilitate the transformation and healthy economic development.