China's service sector growth hits lowest level in five years

China's service sector growth fell to a five-year low in January, an official survey showed.

The fall is the second indicator in as many days that the world's second-largest economy is facing headwinds.

According to China Daily, the National Bureau of Statistics said the official non-manufacturing Purchasing Managers' Index (PMI) fell to 53.4 in January from December's 54.6.

A reading above 50 indicates growth, a reading below 50 indicates contraction

Monday's reading was the lowest since December 2008.

A survey showed that on Saturday a key indicator of factory output growth hit a six-month low in January, hurt by weaker local and foreign demand.

According to the report, Saturday's PMI showed China's factories saw fewer export orders and slacker growth in new orders last month.

Global stocks were mostly sluggish or lower Monday, in part due to concerns over weakening growth in China, the report added.