China’s service sector has just experienced its fastest growth this year, indicating that Asia’s powerhouse economy is on the road to recovery.
The non-manufacturing Purchasing Managers’ Index (PMI) for the world’s second-largest economy rose to 56.3 in October from 55.4 for the previous month, reports the BBC. The manufacturing PMI also rose to an 18-month high in October.
China’s economy slowed in the first two quarters of 2013 after years of often double-digit growth. The country’s service sector, which includes construction and aviation, makes up almost 43% of its total economy.
New Chinese President Xi Jinping has said that China’s economy will continue to grow steadily, although likely at a slightly reduced rate as the country embarks upon a new stage of development.