Service activity in private firms improves
Print Edition
CHINA’S service activity in private firms improved in March following that of the manufacturing sector, which signaled renewed expansion of Chinese business activity, a survey showed yesterday.
The Caixin Business Activity Index, a gauge of operating conditions in private service companies, was 52.2 last month, up from February’s 51.2 but still below January’s six-month high of 52.4, Caixin magazine and research firm Markit said.
The Caixin China Purchasing Managers’ Index, which gauges operating conditions for private and export-oriented companies in the manufacturing sector, rebounded to 49.7 from a five-month low of 48 in February.
The official Purchasing Managers’ Index, which reflects operational conditions in large state-owned manufacturing companies, rose 1.2 points month on month to 50.2 in March — its first expansion in eight months.
The official non-manufacturing PMI rose by 1 point month on month to 53.8.
However, Caixin viewed the rebound as modest as employment shrank for the first time since August 2013 amid fewer-than-expected new orders.
Confidence over the 12-month business outlook dipped in March to the lowest level this year.
“Overall the services sector developed well, but the economy is riding choppy waves, indicating the lack of a solid foundation for recovery,” said He Fan, chief economist at Caixin Insight Group. “The government needs to push forward with supply-end reform to encourage the development of emerging industries.”
Last year, China’s economy grew 6.9 percent, the slowest annual expansion in a quarter of a century.
Earlier this week, the Asian Development Bank revised down its forecast for this year’s Chinese economic growth to 6.5 percent.
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