China's service sector continued to expand in October on the back of growing new orders, adding to signs that China's economy is stabilizing, a private survey showed Thursday.
The Caixin China General Services PMI (Purchasing Managers' Index) came in at 52.4 in October, firming from 52 in September, according to the survey conducted by financial information service provider Markit and sponsored by Caixin Media Co. Ltd.
Business activity at service companies grew at a moderate pace, the fastest in four months, with total new order growth strengthening at the start of the fourth quarter, noted the survey.
A reading above 50 indicates expansion, while a reading below 50 represents contraction.
Service providers remained "generally positive" that business activity would increase over the next year.
Furthermore, the level of confidence improved to its second-strongest in eight months, noted the survey.
"Most indexes show mild improvements from their September readings, except the index for price charged, which fell slightly compared to the previous month," said Zhong Zhengsheng, director of macroeconomic analysis at CEBM Group.
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