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Business Activity Index hits 19-month high in May
By Wang Yanlin |
June 5, 2012, Tuesday
|
Online Edition
Online Edition
CHINA'S non-manufacturing activities at private and export-oriented companies strengthened last month, an unexpected sign that may relieve concern about the economy.
The headline Business Activity Index, produced by HSBC and Markit Economics to weigh performance in private service companies, reached a 19-month high of 54.7 in May from April's 54.1, the bank said this morning.
A reading above 50 means expansion while below it points to contraction.
Survey participants cited new business wins as the main factor behind the latest increase, signaling a marked expansion in service sector activities.
Companies also expressed strong confidence regarding the one-year business outlook, albeit the current weak performance in the overall economy.
"Growth of service activities picked up in May thanks to a sustained gain in new business," said Qu Hongbin, chief economist for China at HSBC. "This should reduce the fears of a sharp economic slowdown."
Qu said he expects there will be faster delivery of a mix of supportive measures to further boost service output and employment.
But in contrast to the strong performance in private companies, state-owned service enterprises reported weakening activities last month.
The headline Business Activity Index, produced by HSBC and Markit Economics to weigh performance in private service companies, reached a 19-month high of 54.7 in May from April's 54.1, the bank said this morning.
A reading above 50 means expansion while below it points to contraction.
Survey participants cited new business wins as the main factor behind the latest increase, signaling a marked expansion in service sector activities.
Companies also expressed strong confidence regarding the one-year business outlook, albeit the current weak performance in the overall economy.
"Growth of service activities picked up in May thanks to a sustained gain in new business," said Qu Hongbin, chief economist for China at HSBC. "This should reduce the fears of a sharp economic slowdown."
Qu said he expects there will be faster delivery of a mix of supportive measures to further boost service output and employment.
But in contrast to the strong performance in private companies, state-owned service enterprises reported weakening activities last month.
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