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Chinese service PMI on rising track
By Wang Yanlin |
April 3, 2013, Wednesday
|
Online Edition
Online Edition
CHINA'S service activity picked up in March led by more construction and logistics businesses, a survey showed today.
The Non-manufacturing Purchasing Managers' Index, a comprehensive gauge of the vitality of China's service industry which is weighted towards state-owned enterprises, edged up 1.1 points to 55.6 in March, said the China Federation of Logistics and Purchasing.
A reading above 50 means expanding business, and the index has been above that level in the past one year.
The components showed that new orders edged up 0.2 point to 52, indicating a moderate improvement. Prices lost 1.1 points to 50, and business expectation decreased 0.3 points to 62.4, according to the federation.
Component indices of construction grew to 62.5 in March, up from February's 58, while business of postal service and information transfer also stayed beyond 60.
Meanwhile, a separate index compiled by HSBC showed that business in private and export-oriented service firms consolidated to a six-month high.
The HSBC Business Activity Index posted 54.3 in March, compared with February's 52.1 and January's 54.
Qu Hongbin, chief economist for China at HSBC, said the data's acceleration relied on strong new business growth and suggested a broad-based gradual recovery.
"Notably, the ongoing recovery has translated into a continuous improvement of labor market conditions, which are supportive of consumer spending growth in the coming quarters," Qu said.
He added that inflation was still not a big problem right now and the country should continue rolling out accommodative policies to support growth.
China has been cautious with the expansionary policy stance since the Consumer Price Index, the main gauge of inflation, shot to a 10-month high of 3.2 percent in February.
The Non-manufacturing Purchasing Managers' Index, a comprehensive gauge of the vitality of China's service industry which is weighted towards state-owned enterprises, edged up 1.1 points to 55.6 in March, said the China Federation of Logistics and Purchasing.
A reading above 50 means expanding business, and the index has been above that level in the past one year.
The components showed that new orders edged up 0.2 point to 52, indicating a moderate improvement. Prices lost 1.1 points to 50, and business expectation decreased 0.3 points to 62.4, according to the federation.
Component indices of construction grew to 62.5 in March, up from February's 58, while business of postal service and information transfer also stayed beyond 60.
Meanwhile, a separate index compiled by HSBC showed that business in private and export-oriented service firms consolidated to a six-month high.
The HSBC Business Activity Index posted 54.3 in March, compared with February's 52.1 and January's 54.
Qu Hongbin, chief economist for China at HSBC, said the data's acceleration relied on strong new business growth and suggested a broad-based gradual recovery.
"Notably, the ongoing recovery has translated into a continuous improvement of labor market conditions, which are supportive of consumer spending growth in the coming quarters," Qu said.
He added that inflation was still not a big problem right now and the country should continue rolling out accommodative policies to support growth.
China has been cautious with the expansionary policy stance since the Consumer Price Index, the main gauge of inflation, shot to a 10-month high of 3.2 percent in February.
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