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Private, export services growth tops in 5 months

By Wang Yanlin | September 4, 2013, Wednesday | Online Edition

CHINA’S services activity in private and export-oriented companies grew at the fastest pace in five months in August, a survey showed this morning.

The HSBC China Services Business Activity Index, which gauges operating conditions in largely private and export-oriented service providers, posted 52.8 last month, up from 51.3 in July.

A reading above 50 means expansion, and it was the quickest expansion of activity since March, survey compiler HSBC Holdings plc and research firm Markit said.

Qu Hongbin, chief economist for China at HSBC, said the acceleration of service activity was thanks to the growth of new business.

“A filter-through impact of VAT reform, combined with a rebound in manufacturing output, is expected to support service industry growth in the coming months,” Qu said.

The survey showed that about 11 percent of panelists reported higher volumes of new work, with a number of respondents attributing this to a combination of stronger client demand and recent promotions.

Despite increased levels of business activity and new work, employment fell for the first time in four months in August, the survey showed, albeit slightly.

But service providers still anticipate an increase in business activity over the next year, and the degree of positive sentiment improved for the second month in a row and the strongest since March.

A separate survey by the China Federation of Logistics and Purchasing showed service activity in large state-owned enterprises dipped last month, with the official non-manufacturing Business Activity Index losing 0.2 point from July to 53.9 in August.

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