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Private services firms lose steam in March: HSBC
By Wang Yanlin |
April 5, 2012, Thursday
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Online Edition
Online Edition
CHINA'S non-manufacturing activities slowed somewhat among private firms in March, contradicting the performance of state-owned enterprises, an HSBC survey showed today.
The headline Business Activity Index, compiled by HSBC to gauge China's service sector, posted 53.3 in March, down from February's 53.9.
A reading above 50 means expansion and one below 50 points to contraction.
In comparison, the official non-manufacturing Purchasing Managers' Index, compiled by the China Federation of Logistics and Purchasing, increased to 58 in March from 57.3 a month earlier.
The HSBC index is slanted more towards private and export-oriented companies while the official non-manufacturing PMI is weighted heavily towards state-owned enterprises.
"Growth of service activities remains steady," said Qu Hongbin, chief economist for China at HSBC. "However, combined with the further slowdown of manufacturing output, overall economic growth is losing some steam as export orders are weakening."
Qu said further easing measures are necessary, while inflationary pressures should remain relatively contained in the coming months.
The headline Business Activity Index, compiled by HSBC to gauge China's service sector, posted 53.3 in March, down from February's 53.9.
A reading above 50 means expansion and one below 50 points to contraction.
In comparison, the official non-manufacturing Purchasing Managers' Index, compiled by the China Federation of Logistics and Purchasing, increased to 58 in March from 57.3 a month earlier.
The HSBC index is slanted more towards private and export-oriented companies while the official non-manufacturing PMI is weighted heavily towards state-owned enterprises.
"Growth of service activities remains steady," said Qu Hongbin, chief economist for China at HSBC. "However, combined with the further slowdown of manufacturing output, overall economic growth is losing some steam as export orders are weakening."
Qu said further easing measures are necessary, while inflationary pressures should remain relatively contained in the coming months.
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