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Service sector feels post-Expo gloom
By Zhang Fengming |
November 3, 2010, Wednesday
|
Online Edition
Online Edition
CHINA'S services sector confidence dropped to a nearly two-year low on concerns that the closing of Shanghai Expo and tightening measures on property market will trim demand, an industry survey said today.
More than half of respondents said they expect overall activities to be the same in 12 months, while less than 40 percent said they expect activities higher, with the remaining said they expect lower activities.
The level of optimism also slid to the third lowest since the start of the series in November 2005.
"Some companies noted that the end of the Expo may lead to lower levels of business activity in the coming year," said HSBC China Services Purchasing Managers' Index, a report based on survey on private businesses.
"Government policies at curbing the growth of the property sector were also cited by a number of panelists as a reason for pessimism," the report said.
The Expo, ended on October 31, attracted more than 73 million visitors, a record in the 159-year history of the World Expo since its debut in London in 1851. The gala fair, the first held in a developing country, gathered 246 participating countries and international organizations and gave a huge boast to the service sector in the host city and surrounding provinces.
Economists are still optimistic about future growth.
More than half of respondents said they expect overall activities to be the same in 12 months, while less than 40 percent said they expect activities higher, with the remaining said they expect lower activities.
The level of optimism also slid to the third lowest since the start of the series in November 2005.
"Some companies noted that the end of the Expo may lead to lower levels of business activity in the coming year," said HSBC China Services Purchasing Managers' Index, a report based on survey on private businesses.
"Government policies at curbing the growth of the property sector were also cited by a number of panelists as a reason for pessimism," the report said.
The Expo, ended on October 31, attracted more than 73 million visitors, a record in the 159-year history of the World Expo since its debut in London in 1851. The gala fair, the first held in a developing country, gathered 246 participating countries and international organizations and gave a huge boast to the service sector in the host city and surrounding provinces.
Economists are still optimistic about future growth.
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