国内英语资讯:Economic Watch: Robust factory, service activities show stable economic fundamentals_时事

国内英语资讯:Economic Watch: Robust factory, service activities show stable economic fundamentals

Sunday's data also showed the PMI for China's non-manufacturing sector stood at 54.8 in March, up from 54.3 in February.

The service sector recorded stable performance, with the sub-index measuring business activity in the industry standing at 53.6, up from 53.5 in February.

Indices for sectors including railway transport, postal service, telecom, banking and insurance all stood above 57, indicating robust business growth.

The sub-index for new orders in the service sector came in at 51.5, up from 50.5 in February, according to the NBS.

The construction sector recorded faster expansion, with the sub-index measuring business activity in the industry rising 2.5 percentage points to 61.7 in March.

The sub-index for new orders in the construction sector surged to a 15-month high at 57.9, up from 52 in February.

China is trying to shift its economy toward a growth model that draws strength from consumption, services and innovation. The service sector accounted for 52.2 percent of the country's economy last year.

The positive PMI data showed the government's pro-growth measures have taken effect, said Zhang Liqun, a researcher with the Development Research Center of the State Council.

China has implemented a slew of measures to cut the value-added tax (VAT) rates to bolster the real economy, making sure that tax burdens on all industries will only go down, not up.