China’s government is highlighting the positive in its flagging economy, saying a transition from industry toward services is making headway. But the latest snapshot of economic performance suggests that shift is going to be arduous. In reporting that economic growth dropped to 6.9% last year, the government’s statistics bureau said Tuesday that for the first time services accounted for more than half of the economy, climbing to 50.5% from 48.1% the year before. Meanwhile, manufacturing’s share shed more than two percentage points, falling to 40.5%. The statistics bureau chief, Wang Baoan, told a news conference that this year will see accelerated restructuring, with some older industries declining while new businesses are “vigorously developing, further stimulating the vitality of the market.” Rather than rapid growth in services and consumption, some analysts said the restructuring is more a reflection of the downturn in China’s traditional industrial growth drivers. Growth in the […]