China’s services industry under pressure from ‘enormous’ inflation pressure, weak overseas demand

China’s services sector expansion slowed in May, a private sector survey showed on Thursday, with weaker overseas demand and increased costs putting pressure on businesses.The Caixin/Markit services purchasing managers’ index (PMI) fell to 55.1 in May, down from 56.3 in April but still well in expansionary territory. The 50-mark separates growth from contraction on a monthly basis.The survey attributed part of the slowing expansion to a fall in overseas demand as coronavirus cases abroad hurt…