Chinese service sector edges up in April

(MENAFN) According to an industry index released by banking institution HSBC, China's service sector expanded last month, but at a slower pace, Xinhua reported. "Service sector firms saw a modest expansion of business activity. That said, the rate of growth eased from March and remained weak in the context of historical data," said data company Markit in a statement. The statement noted that new business increased at service providers in April, while the rate of new order growth was moderate. The expansion pace of payroll at service providers decreased to a seven-month low, with a number of firms indicating that cost reduction policies reduced job creation, the statement added.