Maybe China's Economy Isn't Toast

China's official services sector purchasing managers index climbed to 54.1 in July from 53.9 in June. The unofficial HSBC China Services Business Activity Index came in at 51.3 in July, unchanged from June. Any number above 50.0 signals expansion. And this is a welcome development with many other Chinese economic indicators showing deterioration, which had given some economists concern that China would experience a hard landing. "China's service sector has stabilised at a relatively low level of...