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Private firms outshine SOEs in February
By Wang Yanlin |
March 5, 2012, Monday
|
Online Edition
Online Edition
NON-MANUFACTURING activities in private Chinese firms staged a strong rebound in February, contradicting the performance of state-owned enterprises, an HSBC survey showed today.
The headline Business Activity Index, compiled by HSBC to gauge China's service sector, posted 53.9 in February, up from 52.5 in the previous two months.
A reading above 50 means expansion, while that below 50 points to contraction.
In comparison, the official non-manufacturing Purchasing Managers' Index, compiled by the China Federation of Logistics and Purchasing, fell to 48.4 in February from January's 52.9.
The HSBC index is slanted more towards private and export-oriented companies while the official non-manufacturing PMI is weighted heavily towards state-owned enterprises.
"Thanks to a notable gain in new business, growth of service activities picked up to the fastest pace in four months," said Qu Hongbin, chief economist for China at HSBC. "This helped to lift new hiring and business expectations."
However, Qu cautioned that China's economy is still struggling with weak manufacturing activities amid slowing external orders, and the gross domestic product is likely to grow by around 8 percent year-on-year in the first quarter before more easing measures filter through into the second quarter.
The HSBC China Manufacturing Purchasing Managers' Index, a gauge of manufacturing activities in the country, registered 49.5 last month, up from 48.8 in January, but still pointed to contraction.
The headline Business Activity Index, compiled by HSBC to gauge China's service sector, posted 53.9 in February, up from 52.5 in the previous two months.
A reading above 50 means expansion, while that below 50 points to contraction.
In comparison, the official non-manufacturing Purchasing Managers' Index, compiled by the China Federation of Logistics and Purchasing, fell to 48.4 in February from January's 52.9.
The HSBC index is slanted more towards private and export-oriented companies while the official non-manufacturing PMI is weighted heavily towards state-owned enterprises.
"Thanks to a notable gain in new business, growth of service activities picked up to the fastest pace in four months," said Qu Hongbin, chief economist for China at HSBC. "This helped to lift new hiring and business expectations."
However, Qu cautioned that China's economy is still struggling with weak manufacturing activities amid slowing external orders, and the gross domestic product is likely to grow by around 8 percent year-on-year in the first quarter before more easing measures filter through into the second quarter.
The HSBC China Manufacturing Purchasing Managers' Index, a gauge of manufacturing activities in the country, registered 49.5 last month, up from 48.8 in January, but still pointed to contraction.
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