Indices reveal contrasting readings
By Joy Wang |
April 6, 2012, Friday
|
Print Edition
Print Edition
CHINA'S non-manufacturing private firms posted a slight easing in activities in March, compared with the performance of state-owned enterprises, according to an HSBC survey yesterday.
The HSBC Business Activity Index, which gauges China's service sector and slanted toward private and export-oriented companies, stood at 53.3 in March, down from February's 53.9.
A reading above 50 signals expansion.
In contrast, the official non-manufacturing Purchasing Managers' Index, compiled by the China Federation of Logistics and Purchasing and weighted toward state-owned enterprise, rose to 58 in March from 57.3 a month earlier.
"The growth of service activities has remained steady," said Qu Hongbin, chief economist for China at HSBC. "However, combined with the further slowdown of manufacturing output, the overall economic growth is losing some steam as export orders are weakening."
Qu urged further easing measures while saying that inflationary pressure should be curbed in the coming months.
The HSBC Business Activity Index, which gauges China's service sector and slanted toward private and export-oriented companies, stood at 53.3 in March, down from February's 53.9.
A reading above 50 signals expansion.
In contrast, the official non-manufacturing Purchasing Managers' Index, compiled by the China Federation of Logistics and Purchasing and weighted toward state-owned enterprise, rose to 58 in March from 57.3 a month earlier.
"The growth of service activities has remained steady," said Qu Hongbin, chief economist for China at HSBC. "However, combined with the further slowdown of manufacturing output, the overall economic growth is losing some steam as export orders are weakening."
Qu urged further easing measures while saying that inflationary pressure should be curbed in the coming months.
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