Service activity eases in October
Print Edition
SERVICE activity in private companies in China eased further in October in line with that of their state-owned counterparts, a survey showed yesterday.
However, an economist said the sector remains comparatively solid amid improving new business and optimistic companies.
The HSBC China Services Business Activity Index, a gauge of operating conditions in private firms, slid to 52.9 last month from 53.5 in September and August’s 17-month high of 54.1, according to HSBC Holdings Plc and research firm Markit.
A reading above 50 means expansion.
Earlier data showed the official non-manufacturing Purchasing Managers’ Index, a similar indicator compiled by the National Bureau of Statistics that weighs toward state-owned service companies, fell to a nine-month low of 53.8 in October.
But Qu Hongbin, chief economist for China at HSBC, said the service sector grew steadily amid better business conditions compared with manufacturing.
“Both new and outstanding business improved in the service sector, and employment saw stable expansion,” Qu said.
Chinese service providers also remained optimistic over the 12-month business outlook in October. Despite a slight weakening in positive sentiment from September’s six-month high, it was strong overall, the survey said.
“A stable service sector compared with manufacturing will likely continue, and we still expect further easing measures in the coming months to help offset the downward pressure on the economy,” Qu said.
The HSBC Purchasing Managers’ Index, released earlier and tracking the vitality in the manufacturing sector, posted 50.4 in October, a marginal growth. It was flat with its flash reading and up slightly from 50.2.
China’s economy expanded at the slowest pace of 7.3 percent in more than five years in the third quarter of this year.
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