China's service sector growth slows in April

April saw a modest rise in Chinese service sector activity, with the pace of expansion easing slightly from March, survey results showed on Thursday.

    The Caixin China General Services PMI (Purchasing Managers' Index), produced by financial information service provider Markit and sponsored by Caixin Media, came in at 51.8 in April, down from 52.2 in March, according to China's (Xinhua) News Agency.

    A reading above 50 indicates expansion, while a reading below 50 represents contraction. In contrast to the trend for business activity, April data signalled stronger growth in new business. The latest expansion of new order books was the fastest seen in three months. 

    Relatively muted growth in business activity led firms to remain cautiously optimistic towards business outlook, with the level of positive sentiment unchanged from March's three-month low. The Caixin China General Services PMI is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 companies.