China Caixin PMI shows growth in services sector

Growth in China’s service sector picked up pace in October, figures released on Wednesday showed.

The latest Markit/Caixin Media survey showed the Caixin China services purchasing managers’ index rose from September’s 14-month low of 50.5 to 52.0 last month, indicating that the stimulus measures implemented by Beijing might be beginning to deliver results.

"This shows that previous stimulus policies have begun to take effect, while the economic structure steadily improved," said He Fan, chief economist at Caixin Insight Group.

"The economy has started to show signs of stabilising, reducing the need for a further stimulus."

The service sector has been one of the few positive notes amid a widespread slowdown in the world’s second largest economy this year.

In the first three quarters of 2015, the sector accounted for 51.4% of China’s gross domestic product compared with 49.1% in the corresponding period 12 months ago.