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Growth slows slightly in private services sector
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China's private services sector grew at a slightly slower pace in November, in line with the performance of state-owned enterprises, a survey showed this morning.
The HSBC China Services Business Activity Index, a gauge of operating conditions at private service companies, posted 52.5 last month, little changed from 52.6 in October, according to HSBC Holdings plc and consulting firm Markit.
A reading above 50 means expansion, and the latest index signaled a further moderate increase in business activity in China’s services, according to the survey report.
By comparison, China's official non-manufacturing Purchasing Managers' Index, which is weighted toward state-owned enterprises, also eased to 56 in November from 56.3 in October.
Qu Hongbin, chief economist for China at HSBC, said China's service sectors maintained a steady pace of growth in November, translating into the third consecutive month of employment expansion.
"However, the moderation of new business and price-charged growth implies that the underlying growth momentum has started to soften," Qu said.
China’s government has become more tolerant of slower growth rates as it shifts attention to reforms that stress sustainability and quality in development.
The country's gross domestic product expanded 7.7 percent from a year earlier in the first nine months.
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