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Service sector grows at slower pace in April
By Wang Yanlin |
May 3, 2012, Thursday
|
Online Edition
Online Edition
CHINA'S non-manufacturing activities grew at a slower pace in April, a survey showed today.
The Purchasing Managers' Index of China's service sector was 56.1 last month, compared with 58 in March, the National Bureau of Statistics said.
A reading above 50 means expansion.
"Service activities weakened a bit, mainly due to slower growth in domestic demand," the bureau said in a statement.
Excluding new export orders and inventory, all other component indices posted a lower reading last month, the bureau said.
New orders lost 0.8 point to 52.7, price decreased 1.7 points to 50.3, and confidence weakened to 66.1 from 66.6.
China's economy expanded 8.1 percent from a year earlier in the first quarter, the slowest pace in nearly three years. A slump in the housing market and sluggish export growth were blamed for the slowdown.
Some economists called for another reserve requirement ratio cut to allow more liquidity in the banking system, but that has yet to materialize after inflation rebounded in March.
The Purchasing Managers' Index of China's service sector was 56.1 last month, compared with 58 in March, the National Bureau of Statistics said.
A reading above 50 means expansion.
"Service activities weakened a bit, mainly due to slower growth in domestic demand," the bureau said in a statement.
Excluding new export orders and inventory, all other component indices posted a lower reading last month, the bureau said.
New orders lost 0.8 point to 52.7, price decreased 1.7 points to 50.3, and confidence weakened to 66.1 from 66.6.
China's economy expanded 8.1 percent from a year earlier in the first quarter, the slowest pace in nearly three years. A slump in the housing market and sluggish export growth were blamed for the slowdown.
Some economists called for another reserve requirement ratio cut to allow more liquidity in the banking system, but that has yet to materialize after inflation rebounded in March.
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