Index of service activity differs in SOEs and private companies
Print Edition
SERVICE activity in China’s state-owned enterprises grew at a slower pace in June but their private counterparts performed at their strongest in 15 months, two separate surveys showed yesterday.
The official non-manufacturing Purchasing Managers’ Index, compiled by the China Federation of Logistics and Purchasing which weighs toward state-owned enterprises, fell to 55 last month from 55.5 in May.
In contrast, the HSBC China Services Business Activity Index, slated toward private service providers, accelerated to 52.4, a 15-month high and up from 50.2 in May, according to HSBC Holdings Plc and research firm Markit.
Qu Hongbin, chief economist at HSBC, said the bank’s new and existing business indices rebounded and employment improved, suggesting a stronger economic growth pace in China.
“The expansion in the service sector reinforces the recovery seen in the manufacturing sector, and signals a broad-based improvement over the month,” Qu said.
“The economy is slowly turning around, and we expect the recovery to remain supported by accommodative policies on both fiscal and monetary fronts in the coming months.”
Earlier data showed China’s manufacturing sector performed better in June with both the official and HSBC PMIs staying above the expansionary line, fueling expectations of a stabilizing economy.
China has introduced some mini-stimulus since April to bolster economic growth, which declined to an 18-month low of 7.4 percent in the first quarter. The stimulus, including injecting liquidity into the market through adjusting the loan-to-deposit ratio and reserve requirement for banks as well as more investment in railway construction, may be strengthened.
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