China’s GDP growth has fallen to a 25 year low at 6.9% and for the first time their services industry outperformed manufacturing. The Australian Financial Review says this reflects an intention to move from manufacturing and exports to local consumption and a stronger services sector. Services now make up 50.5% of the Chinese economy while manufacturing accounts for just 40.5%. If their manufacturing is slowing does this mean less pressure on Australian manufacturers? Does it open up more opportunities for Australian product developers and exporters?
Source: Manufacturers Monthly