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Surveys give contrasting service sector data
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China's service activity grew at a slower pace in state-owned enterprises but strengthened to a four-month high in private firms, two separate surveys showed this morning.
The official non-manufacturing Purchasing Managers' Index, a gauge of vitality in the service sector weighted toward state-owned enterprises, dropped 0.5 points from a month earlier to 54.5 in March, according to the National Bureau of Statistics and the China Federation of Logistics and Purchasing.
A reading above 50 means expansion. The latest reading indicates weakening conditions after a rebound in February.
In comparison, the HSBC China Services Business Activity Index, which is slanted toward private service companies, was 51.9 last month, up from 51 in February, according to HSBC Holdings plc and consulting firm Markit.
Qu Hongbin, chief economist for China at HSBC, said the reading suggested a modest improvement in business activities in March, with employment expanding at a faster pace.
"However, growth remained subdued in the context of historical data," Qu said. "Combined with the manufacturing PMI reading, the underlying strength of the economy is softening."
China yesterday unveiled a set of new stimuli to steady its stumbling economy. Measures included tax cuts for small firms and new plans to speed up the construction of railway lines.
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