Service activity sees slow growth
Print Edition
CHINA’S service activity in private firms grew more slowly in January, in line with their state-owned counterparts whose activity also softened, a survey showed yesterday.
The HSBC Business Activity Index, a gauge of operating conditions in private service companies, weakened to 51.8 in January, down from December’s 53.4, according to HSBC Holdings Plc and research firm Markit.
A reading above 50 means expansion. The index signaled a “modest” rise in activity at the start of this year, HSBC said.
Earlier data showed the official non-manufacturing Purchasing Managers’ Index, a similar indicator compiled by the National Bureau of Statistics that weighs toward state-owned service companies, landed at 53.7 in January, also down from 54.1 a month earlier.
Qu Hongbin, HSBC chief economist for China, said both input and output prices fell from December, implying deflationary risks rising on weak domestic and overseas demand.
“The Chinese service sector continued to expand, albeit at a slower pace,” Qu said. “Given continued contraction of the manufacturing sector, we believe more easing measures are warranted to support growth in the coming months.”
The HSBC PMI, an indicator for the industrial sector weighing toward private and export-oriented firms, landed at 49.7 last month. Although up slightly from 49.6 in December the reading still pointed to a decline in manufacturing activity. The official PMI for state-owned enterprises even slid to a 28-month low of 49.8 in January.
Some economists predicted the official target for this year’s gross domestic product growth may be trimmed to 7 percent from 7.4 percent in 2014.
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