OREANDA-NEWS. July 11, 2013. Yao Wei, Chinese economist at Societe Generale said in general the decline of the service industry is not that sharp, definitely better than the manufacturing industry. In this regard, it is kind of economic rebalance.

In face of the continuous contraction of employment index of manufacturing PMI, China’s labor market is quite sound thanks to expansion of the service industry.

It is definitely good news regarding macro policy because it provides more space for the decision makers to tolerate economic decline for structural adjustment.