Quicker rise in service activity signals stability
Print Edition
CHINA’S service activity in private firms grew more rapidly in February, in line with their state-owned counterparts and indicating a stabilizing economy, a survey showed yesterday.
The HSBC Services Business Activity Index, a gauge of operating conditions in private service companies, rose 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 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 was expanding in February, albeit at a modest rate.
“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.
The HSBC PMI, an indicator for the industrial sector, rose to a seven-month high of 50.7 in February, indicating activity grew for the first time in four months.
China’s economy has entered a so-called “new normal” state, with a greater tolerance for a slowing economy. Some economists said the official target for this year’s gross domestic product growth may be cut to 7 percent from around 7.5 percent in 2014.
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