China’s government is highlighting the positive in its flagging economy, saying a transition from industry toward services is making headway. But the latest snapshot of economic performance suggests that shift is going to be arduous.
In reporting that economic growth dropped to 6.9% last year, the government’s statistics bureau said Tuesday that for the first time services accounted for more than half of the economy, climbing to 50.5% from 48.1% the year before. Meanwhile, manufacturing’s share shed more than two percentage points, falling to 40.5%.
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