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Service activity grows at slower pace in May
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China's service activity in private companies grew at a slower pace in May, contrasting the performance in state-owned enterprises, a survey showed this morning.
The HSBC China Services Business Activity Index, a gauge of operating conditions in private service companies, was 50.7 last month, down from 51.4 in April, according to HSBC Holdings plc and consulting firm Markit.
A reading above 50 means expansion.
The official non-manufacturing Purchasing Managers' Index, which is compiled by the China Federation of Logistics and Purchasing and geared toward state-owned enterprises, rose to a six-month high of 55.5 last month.
Qu Hongbin, chief economist for China at HSBC, said the slower growth in the HSBC Services PMI was due to a relatively big drop in business expectations, which fell to an 11-month low of 58.1.
"Coming after the stronger manufacturing PMI reading for May, the slight disappointment in the HSBC Services PMI suggests growth momentum remains slow and private sector sentiment is weak," Qu said.
He suggested policy makers continue to ease monetary and fiscal policies in the coming months to help support growth.
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