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Service activity rises at slower pace
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China's service activity among private companies grew at a slower pace in April as demand remained subdued, a survey showed this morning.
The HSBC China Services Business Activity Index, a gauge of operating conditions in private service companies, was 51.4 last month, down from 51.9 in March, according to HSBC Holdings plc and consulting firm Markit.
A reading above 50 means expansion. The latest data signaled weak growth rates though they did point to future expansion in both business activity and new businesses.
Qu Hongbin, chief economist for China at HSBC, said the indices suggested the service sector was still a relatively resilient part of the economy, but it is not expanding at a fast enough pace to offset a manufacturing slowdown.
"We think the economy will continue on a modest path of expansion over the next few months," Qu said.
The components showed that input prices eased to the weakest in 10 months and output charges contracted, indicating more evident deflationary pressure. Both employment and business expectations fell to a seven-month low although new and outstanding business remained stable.
In comparison, China's official non-manufacturing Business Activity Index, compiled by the China Federation of Logistics and Purchasing. which is slanted towards state-owned enterprises, rose 0.3 points from a month earlier to 54.8 in April, according to the National Bureau of Statistics.
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