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China services activity recovers in August, surveys show
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GROWTH of China's service activities rebounded in August despite other signs of a faltering economic recovery, results of two separate surveys showed today.
The official non-manufacturing Purchasing Managers' Index, a gauge of operating conditions in the service sector compiled by the China Federation of Logistics and Purchasing, rose 0.2 points from a month earlier to 54.4 in August.
The HSBC China Services Business Activity Index, a similar indicator that weighs toward private service companies, posted 54.1 last month, also up from July's 50 and reaching the strongest in 17 months, according to HSBC Holdings plc and research firm Markit.
In both surveys, a reading above 50 means expansion.
Qu Hongbin, chief economist for China at HSBC, said although the headline data improved, component indices suggested a mixed picture rather than a broad-based rebound.
"The economy still faces downside risks to growth in the second half of the year from the property sector slowdown," Qu said. "We think policymakers should use further easing measures to help support the recovery."
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