At the service of China's rebalancing

China's services sector is becoming increasingly important as an indicator of the country's great rebalancing, with its growth the engine of Beijing's targeted economic model.

Many commentators and analysts of the Chinese economy are obsessed with manufacturing PMI, which measures the health of the industry. It is regarded, rightly so, as an important gauge of the world’s second largest economy.

However our obsession with PMI, which comes out every month, is causing us to miss a bigger story about the transformation of the Chinese economy from the world’s factory to a service-based economy.

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