Service activity at worst level in nearly years, HSBC says

By Wang Yanlin | August 5, 2014, Tuesday |

Online Edition

CHINA'S service activity among private companies delivered its worst performance in almost nine years, a survey showed today.

The HSBC China Services Business Activity Index, a gauge of operating conditions in private service companies, posted 50 in July, down from 53.1 a month earlier. It was the lowest reading since data collection began in November 2005.

It ended 104 straight months of a reading above 50, which indicates expansion.

Qu Hongbin, chief economist for China at HSBC, said the weakness in the headline data likely reflected the impact of the ongoing property slowdown in many cities.

"Property activity, such as agencies and residential services, are seeing less business," Qu said, adding there were some positives in that the employment and business sentiment indices remained stable.

Qu said the service sector could see some support due to a recovery in investments in following months. But today's data pointed to the need for continued policy support to offset the drag from the property correction.

Economy

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

Service activity at worst level in nearly years, HSBC says

Email this to your friend