China services sector manages modest July growth

Aug 05, 2013, 12:54 PM EDT
A street sweeper clears leaves in Beijing on November 5, 2012.
AFP/Getty Images/ED JONES

China's services sector eked out a modest expansion in July, according to the HSBC non-manufacturing Purchasing Managers' Index (PMI). The index stood at 51.3, unchanged from June. A reading above 50 indicates an expansion. The government's official PMI released over the weekend showed a faster pace of growth, with its non-manufacturing PMI rising to 54.1 last month from 53.9 in June. The official index is weighted towards activity in large and state-owned enterprises, whereas HSBC's more reflects that in small and medium sized businesses.