•  First, growth in the services sector has been resilient, and should continue to be assisted by a shift in demand toward services as incomes rise.
•  Second, growth in household consumption has also been stable in recent quarters aided by the growth of new jobs.2 Of course, such outcomes cannot be taken for granted; if the industrial weakness is sustained, it might eventually affect household incomes and spending. •  Third, Chinese policymakers have responded to lower growth by easing monetary policy and approving additional infrastructure investment projects.