Faster rise for private service firms
Print Edition
Service activity in private companies in China grew faster in February, in line with the performance of their state-owned counterparts, a survey showed yesterday.
The HSBC China Services Business Activity Index, a gauge of operating conditions in private service companies, rose to 51 last month from 50.7 in January, according to HSBC Holdings Plc and consulting firm Markit.
A reading above 50 means expansion, and the latest index signaled faster expansion in the service sector although the growth was still marginal, the survey said.
Meanwhile, China’s official non-manufacturing Business Activity Index, compiled by the China Federation of Logistics and Purchasing and geared toward state-owned enterprises, rose 1.6 points from a month earlier to 55 in February, the National Bureau of Statistics said on Monday.
Qu Hongbin, chief economist for China at HSBC, said the indices suggested a stable service sector growth.
“However, combined with the weaker manufacturing Purchasing Managers’ Index, the overall strength of economic growth is moderating and this is starting to weigh on employment growth,” Qu said.
He said policy-makers “can and should finetune policies to avoid growth deceleration in the first half of this year.”
China has gradually shifted to the service sector as one driver of the economy that may be on par with manufacturing. In Shanghai, the weight of services has accounted for more than half of the economic output.
A recent survey by the American Chamber of Commerce in Shanghai said Chinese revenue from services took up 52 percent of the total income of US companies in 2013, up 11 percentage points from 2012.
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