Services activity grows more slowly
Print Edition
ACTIVITY in China’s services sector grew more slowly in November, a private survey showed yesterday, as new orders weakened.
The Caixin China General Services Purchasing Managers’ Index dropped to 51.2 in November from a three-month high in October of 52.
A reading above 50 points signifies growth on a monthly basis, while one below that points to a contraction.
New business rose at a slower pace of 51.1, down from 52.9 in October, showing weaker domestic and external demand while employment in services rose only marginally, with the smallest gain in three months.
Business confidence crept up slightly from October’s record low but remained historically weak.
There was a third consecutive contraction in prices charged, even though input prices rose, with the survey noting reports of greater competition for new business.
With services now contributing more to the economy than old drivers such as manufacturing, Chinese authorities have hoped the sector will more than offset persistent contraction in factory activity.
Indeed, a composite Caixin PMI reading combining manufacturing and services turned positive for the first time in four months in November.
“This shows that the macro-economy has moved further toward stable growth and the economic structure is improving,” said He Fan, chief economist at Caixin Insight Group. “Future fiscal and monetary policies must be coordinated and large-scale stimulus should be avoided as much as possible.”
On Tuesday, China’s official services survey showed growth in the sector improved with the non-manufacturing PMI up half an index point to 53.6.
China’s official PMI for manufacturing, also released on Tuesday, showed factory activity hit a three-year low in November.
- 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
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
