Private firms鈥 service activity rallies
Print Edition
CHINA’S service activity in private firms rebounded in October, helped by supportive policies and more consumer spending during the National Day holiday, a survey showed yesterday.
The Caixin Business Activity Index, a gauge of operating conditions in private service companies, was at 52 in October, up from September’s 14-month low of 50.5, according to the Caixin magazine and research firm Markit. A reading above 50 means expansion.
“Chinese service providers saw a stronger expansion of business activity last month,” said He Fan, chief economist at Caixin Insight Group. “The growth in business activity was underpinned by a rise in new orders while companies raised their staff numbers modestly over the month.”
The component indexes showed production rose to 49.9 in October from 48 a month earlier, and the rate of job creation edged up to a three-month high of over 50.
“The data indicated that the previous stimulus policies have begun to take effect, while the economic structure has steadily improved,” He said.
Wang Tao, an economist at UBS, said that “services should play the role of a stabilizer” to offset the overcapacity in the manufacturing sector.
“We expect retail sales will continue to pick up in the following months, and bolster the overall growth in services,” Wang said.
The Caixin index measures service activities in hotels, restaurants, transport, storage, finance, post, telecommunications and rent.
Earlier data showed that the Caixin China Purchasing Managers’ Index, which gauges operating conditions in the manufacturing sector slated toward private and export-oriented companies, stood at 48.3 last month, up from 47.2 in September.
But it was still under the demarcation line and pointed toward contraction.
China’s economy grew 6.9 percent from a year earlier in the third quarter — the slowest pace since the aftermath of the global financial crisis in 2009.
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