The growth of China's services sector accelerated in January, starting the new year on a strong note. A private survey conducted  jointly by Caixin and Markit shows the purchasing managers' index for services at 54.7. That's the highest level since May 2012. Incoming new business surged to its highest level in 32 months, while employment grew for the 17th consecutive month. The services sector now accounts for more than half of China's economy. The government is also stressing its importance in sustaining China's growth. The survey also shows the composite PMI covering both manufacturing and services rose to a seven-year high of 53.7, from 53 in December. Caixin's chief macroeconomic analyst Zhong Zhengsheng said January's PMI data suggests China's economy started 2018 on an upbeat note.