PMI boost points to stable economic growth

China's services sector activity expanded at its fastest pace in more than three years last December, which analysts said signals stable growth in the world's second-largest economy.

The Caixin services Purchasing Managers' Index, a major private survey, rose to 53.9 in December, from 51.9 in November 2017, according to survey results released by Caixin Media on Thursday. It is the highest reading since August 2014. A reading above 50 indicates growth, while a reading below that signals contraction.

In a similar trend, the Caixin Composite PMI, which covers both the manufacturing and services sectors, rose to 53 in December, compared to 51.6 in November, the highest in a year.