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China services sector improves in Dec, HSBC index shows
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CHINA'S service activity in private firms improved in December, indicating resilience in the sector when manufacturing continued to worsen, a survey showed today.
The HSBC China Services Business Activity Index, a gauge of operating conditions in private service companies, strengthened to 53.4 last month, up from 53 in November, according to HSBC Holdings plc and research firm Markit. A reading above 50 indicates expansion.
The earlier data showed the official non-manufacturing Purchasing Managers' Index, a similar indicator compiled by the National Bureau of Statistics that weighs toward state-owned service companies, also rose to 54.1 in December from 53.9 a month earlier.
Qu Hongbin, chief economist for China at HSBC, said the solid performance of services was supported by the strong expansion in new business.
"The service sector continued to hold up well amidst the manufacturing downturn, providing some counter weight to the downward pressure on the economy," Qu said.
But Qu said there is still insufficient demand in the overall economy and more easing measures are warranted in the coming months.
The earlier data showed that China's manufacturing sector grew at the slowest in 18 months in December in state-owned companies, while private and export-oriented companies reported their activity contracted for the first time in seven months.
China's gross domestic product grew 7.3 percent from a year earlier in the third quarter, the slowest pace in more than five years led by corrections in the property sector.
To support growth, the People's Bank of China in November lowered the benchmark interest rates for the first time in more than two years, following easier policies that lifted certain restrictions imposed on real estate transactions.
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