Growth in China's services industry edged up in October, a private survey showed on Tuesday, offering further indications that the economy has stabilized in the run up to a key party reform meeting. The Markit/HSBC services PMI rose to 52.6 from September's 52.4, well above the 50 line that separates expansion from contraction. The survey showed new business growth was at a seven-month high and the business outlook for the next 12 months improved on the previous month, though it was still below trend. "Service sectors saw modest but broad-based improvement into 4Q," said HSBC economist Qu Hongbin, in a note accompanying the data.
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