Private service activity posts little change
Print Edition
China’s service activity in private companies was little changed in November, but still the reading signaled modest expansion in the sector, a survey showed yesterday.
The HSBC China Services Business Activity Index, a gauge of operating conditions in private service companies, ended at 52.5 last month, little changed from 52.6 in October, said HSBC Holdings Plc and consulting firm Markit.
A reading above 50 means expansion and the latest reading showed that business activity in the Chinese service sector grew moderately, according to the survey.
Comparatively, China’s official non-manufacturing Purchasing Managers’ Index, compiled by the China Federation of Logistics and Purchasing and slanted toward state-owned enterprises, also eased to 56 in November from 56.3 in October.
Qu Hongbin, chief economist for China at HSBC, said China’s service sector continued to grow steadily in November, translating into an increase in employment for a third straight month.
“However, the moderation of new business and prices-driven growth implies that the underlying growth momentum has started to soften,” Qu said.
The survey revealed growth was underpinned by an increase in total new business, although the rise in new orders eased to a four-month low. Meanwhile, firms hired more staff for the third month running.
But the survey results fell short of market hopes for an accelerated growth in the sector which was seen as a big beneficiary of China’s recently announced reforms.
China’s economy grew 7.7 percent from a year ago in the first nine months, above the 7.5 percent growth target. In the third quarter, the economy rose 7.8 percent, compared with 7.5 percent in the second, indicating a modest recovery.
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