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Chinese service PMI continues to grow in February: HSBC
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CHINA'S service activity in private firms grew at a faster pace in February, in line with their state-owned counterparts, a survey showed today.
The HSBC Services Business Activity Index, a gauge of operating conditions in private service companies, strengthened to 52 last month, up from 51.8 in January, 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 the year, the bank said.
The 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 53.9 in February, also up from 53.7 in January.
Qu Hongbin, chief economist for China at HSBC, said the data signaled that China's service sector remained in expansionary territory in February, though the rate of growth was modest.
"The solid rise in new orders suggests that activity in growth may pick up in the months ahead, as firms continued to add to their payroll numbers amid a positive business outlook," Qu said.
"Meanwhile, the renewed improvement in manufacturing operating conditions suggests that the Chinese economy is on a steadier growth footing in February," Qu said.
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