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China's manufacturing shows signs of stabilizing economy
   2017-02-01 19:32:53    CRIENGLISH.com      Web Editor: Zhang Guanghao

Official figures are suggesting China's manufacturing sector has expanded for the sixth month in a row.

The purchasing managers' index (PMI) for the sector came in at 51.3 in January, 0.1 lower than in December.

China Federation of Logistics and Purchasing Vice President Cai Jin says it is a sign that the economy is stabilizing.

"Affected by the Spring Festival holidays, the index slightly dropped in January. But overall, it still represented stability, reflecting the steady development of the country's economy. This basic trend has not changed."

Meanwhile, a separate survey of the service sector also showed steady growth, with non-manufacturing PMI up 0.1 to 54.6.

The fastest growing service sectors include finance, insurance, Internet and software information technology.

Cai says the service sector will keep growing in the years to come.

"In general, the service sector has been growing fast in the past few years and will keep growing for quite some time to come in future. It has thus become a sound new driver of China's economy towards stability and growth."

Analysts say despite a good start for the economy this year, the country still faces a string of uncertainties as the global environment becomes less predictable.

China reported 6.7 percent GDP growth last year, lower than in recent years but within the government's target range.

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