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China service sector improves, helping secure economic recovery
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China's service activity in private companies grew at the fastest pace so far this year in October, indicating stability of China's economic recovery, a survey showed today.
The HSBC China Services Business Activity Index, a gauge of operating conditions in service companies weighed toward private companies, hit 52.6 last month, up from September's 52.4, according to HSBC Holdings plc and consulting firm Markit.
A reading above 50 means expansion, and the latest index signaled a moderate increase in business activity in Chinese service sector, the survey report said.
"Although growth remained modest and weak in the context of historical data, it was one of the strongest expansions in 2013 so far," the report said.
Qu Hongbin, chief economist for China at HSBC, said China's service sectors have seen modest but broad-based improvement in the fourth quarter as greater volumes of new business translated into further expansion of employment.
"Service sectors are likely to find support from the ongoing recovery of manufacturing growth and signs of improving labor market conditions," Qu said. "This should help cement China's growth momentum in the coming months."
The components showed that new orders rose at the fastest rate since March, helping employment levels strengthen for the second consecutive month. Business expectations regarding the 12-month business outlook also improved from September, while input inflation accelerated to an eight-month high.
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