Better showing by private firms pulls index higher
By Wang Yanlin |
March 6, 2012, Tuesday
|
Print Edition
Print Edition
THE non-manufacturing activities of private firms in China rebounded strongly in February, compared with the performance by state-owned enterprises, an HSBC survey showed yesterday.
The Business Activity Index, compiled by HSBC to gauge China's service sector, posted 53.9 in February, up from 52.5 in the previous month.
A reading above 50 signals growth while that below 50 points to contraction.
In contrast, the official non-manufacturing Purchasing Managers' Index, compiled by the China Federation of Logistics and Purchasing, dropped to 48.4 in February from 52.9 a month earlier.
"Thanks to a notable gain in new business, the growth of service activities picked up to the fastest pace in four months," said Qu Hongbin, chief economist for China at HSBC. "This helped to lift new hiring and business expectations."
However, Qu cautioned that China's economy is still struggling with weak manufacturing activities amid slowing external orders, and the gross domestic product may grow by about 8 percent year on year in the first quarter before easing measures filter through to the second quarter.
The HSBC index is slanted toward private and export-oriented firms and the official non-manufacturing PMI is focused on state-owned enterprises.
The Business Activity Index, compiled by HSBC to gauge China's service sector, posted 53.9 in February, up from 52.5 in the previous month.
A reading above 50 signals growth while that below 50 points to contraction.
In contrast, the official non-manufacturing Purchasing Managers' Index, compiled by the China Federation of Logistics and Purchasing, dropped to 48.4 in February from 52.9 a month earlier.
"Thanks to a notable gain in new business, the growth of service activities picked up to the fastest pace in four months," said Qu Hongbin, chief economist for China at HSBC. "This helped to lift new hiring and business expectations."
However, Qu cautioned that China's economy is still struggling with weak manufacturing activities amid slowing external orders, and the gross domestic product may grow by about 8 percent year on year in the first quarter before easing measures filter through to the second quarter.
The HSBC index is slanted toward private and export-oriented firms and the official non-manufacturing PMI is focused on state-owned enterprises.
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