(Yicai) Dec. 5 -- China's services activity slowed in November, with growth entering a 23rd consecutive month, after the pace of gains in new business and exports eased.

The Caixin services purchasing managers' index came in at 51.5 last month, down from 52 in October when it rose from 50.3 in September, the slowest pace of increase this year, data released by financial media group Caixin showed today. A reading above 50 indicates expansion.

In comparison, the non-manufacturing PMI for November, published by the National Bureau of Statistics, fell to 50 from 50.2, while that for the services industry remained unchanged at 50.1. The Caixin PMI polls smaller and private businesses, providing a different perspective from the official PMI, which focuses on large, state-owned enterprises.

Employment remained unchanged, staying in the expansion territory for the third month in a row, while operating expectations jumped to a new high over the past seven months. Firms believe future operating activities may grow amid an improved economic environment and policy support, but some worry about intensified rivalry and global trade prospects.

Various policies have made synergistic efforts since the end of September, showing sustained effectiveness, said Wang Zhe, senior economist at Caixin Insight Group. The economic recovery accelerated to some extent last month, he added.

However, the economy still faces a significant downward pressure, Wang noted. Employment remains sluggish, and policy stimulus effects have not shifted to the labor market, with companies' confidence to expand their workforce and capacity still needing strengthening, he pointed out.

The short-term bottoming-out characteristics of the economy are obvious but need further consolidation, according to Wang. Structural and cyclical pressures will co-exist in the economy in the future, while external uncertainties may continue to accumulate, he noted, adding that the policy level must make adequate preparation for that.

The Caixin manufacturing PMI for November, released earlier, rose to 51.5 from 50.3. The Caixin composite PMI edged up to 52.3 from 51.9, the highest since July.

Editor: Martin Kadiev