China's service sector expands at a quicker pace in May

FXStreet (Mumbai) - China's service sector expanded at a quicker pace in May as new business and overall activity accelerated, suggesting weaker growth in other parts of the world's second-biggest economy are being partly offset by growing demand for services.

HSBC's services PMI rose to 53.5 in May from 52.9 in April, where a figure above 50 indicates expansion, and a reading below 50 signals contraction.

Annabel Fiddes of Markit noted, "Overall, growth momentum appears relatively weak, weighed down by an ongoing deterioration in manufacturing operating conditions,"

"Therefore further stimulus measures may be required to keep up with an annual GDP growth target of 7%."