Non-manufacturing PMI rises to 62.1% in Oct.
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China's Purchasing Managers' Index (PMI) of the non-manufacturing sector rose to 62.1 percent in October, setting a high for the year, Cai Jin, vice president of the China Federation of Logistics and Purchasing (CFLP), told Xinhua Wednesday.
The index was 3.2 percentage points higher than September, Cai said, adding that it was the eighth month in a row that the PMI reading of China's non-manufacturing sector stayed above 55 percent.
"If this momentum can keep going for the next two months, it could prove that China's service market has embarked on a fast recovery. This would be conducive to the economy's long-term steady development, as a healthy economic development cannot only rely on investment," he said.
The PMI of the non-manufacturing sector was based on a survey of 20 industries, including logistics, wholesale, hospitality, supermarkets and construction, across the country.
The PMI of China's manufacturing sector rose to 55.2 percent in October, up 0.9 percentage point from September, the CFLP said on Sunday.
China starts to publicize PMI of the manufacturing sector since July 2004 and PMI of the non-manufacturing sector since January 2007, according to Cai.
The PMI, designed to provide a real-time snapshot of business conditions, includes a package of indices including new orders, inventory levels, production and others that measure economic performance.
A reading of above 50 percent suggests expansion, while one below 50 percent indicates contraction.
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