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Rapid growth in service activity
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China’s service activity in private and export-oriented companies grew at the fastest pace in five months in August on expansion in new business, a survey showed yesterday.
The HSBC China Services Business Activity Index rose to 52.8 last month from 51.3 in July, the quickest growth of activity since March, according to the survey complier HSBC Holdings plc and research firm Markit.
A reading of 50 or above indicates expansion.
Qu Hongbin, chief economist for China at HSBC, said the acceleration of service activity was due to the expansion of new business in private firms.
About 11 percent of respondents saw a higher volume of new work due to strong demand by clients, according to the survey.
“The impact of the value-added tax reform combined with a rebound in manufacturing output may support growth in the service industry in the coming months,” Qu said.
But employment fell, albeit slightly, for the first time in four months in August, the survey showed.
Service providers expect business activity to rise next year, and the degree of positive sentiment improved for the second month in a row — 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 off 0.2 point from July to 53.9 in August. Analysts said the drop was partly due to the government’s austerity campaign aimed at SOEs.
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