An alarming decline in service sector activity in China

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BEIJING: China's manufacturing sector activity slowed in August, while services sector contracted. Sanctions on corona and high raw material prices have put pressure on China's manufacturing sector activity.

The official Purchasing Managers' Index (PMI) for China's manufacturing sector, which stood at 50.50 in July, fell to 30.10 in August, according to data from China's National Bureau of Statistics.

A score above 50 points is called an extension of that area while a score below that is considered a contraction.

In China, the pace of economic recovery has slowed as Corona raises its head again. Of concern for China is its sluggish service sector activity. China's service sector PMI slipped to below 50 in August.

The services sector's PMI, which stood at 7.30 in July, fell sharply to 8.30 in August. In order to boost the country's economy, the People's Bank of China reduced the amount of cash held by banks as reserves in mid-July. Corona has again raised its head, forcing Chinese authorities to take regulatory action.

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