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HSBC Service PMI rises to 4-month high in January
By Wang Yanlin |
February 5, 2013, Tuesday
|
Online Edition
Online Edition
SERVICE activity in Chinese private companies expanded at the fastest pace in four months in January, an HSBC survey showed today, with respondents citing stronger growth of new projects and new orders.
The HSBC Business Activity Index, which measures operating conditions in largely private and export-oriented companies in the service industry, posted 54 last month, much more than December's 51.7.
A reading above 50 means expansion, and the survey report said the latest data signaled a solid expansion of business activity in China's service sector.
"Service activity resumed faster expansion on rising new business flows, along with the recovery of manufacturing growth," said Qu Hongbin, chief economist for China at HSBC Holdings Plc. "Still solid job gains plus higher business expectations are boding well for further improvement of services sector's growth."
Qu said China's economic recovery is now on a firmer footing following the growth bottoming out in the final quarter of last year.
The HSBC Purchasing Managers' Index, which gauges vitality of private and export-oriented manufacturers, landed at 52.3 last month, up from 51.5 in December and reaching a two-year high.
Both indices confirmed a mild recovery in the world's second-largest economy, whose gross domestic product expanded 7.9 percent in the last three months of 2012, ending a seven-quarter slowdown.
The HSBC Business Activity Index, which measures operating conditions in largely private and export-oriented companies in the service industry, posted 54 last month, much more than December's 51.7.
A reading above 50 means expansion, and the survey report said the latest data signaled a solid expansion of business activity in China's service sector.
"Service activity resumed faster expansion on rising new business flows, along with the recovery of manufacturing growth," said Qu Hongbin, chief economist for China at HSBC Holdings Plc. "Still solid job gains plus higher business expectations are boding well for further improvement of services sector's growth."
Qu said China's economic recovery is now on a firmer footing following the growth bottoming out in the final quarter of last year.
The HSBC Purchasing Managers' Index, which gauges vitality of private and export-oriented manufacturers, landed at 52.3 last month, up from 51.5 in December and reaching a two-year high.
Both indices confirmed a mild recovery in the world's second-largest economy, whose gross domestic product expanded 7.9 percent in the last three months of 2012, ending a seven-quarter slowdown.
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