Private firms’ service activity rises
Print Edition
CHINA’S economy may be slowing but service activity in private firms strengthened in April at the fastest pace in four months, a survey showed yesterday.
The HSBC Business Activity Index, a gauge of operating conditions in private service companies, rose to 52.9 last month from March’s 52.3, according to HSBC Holdings Plc and research firm Markit.
A reading above 50 means expansion. The index indicated activity levels have now increased in each of the past nine months, and the latest expansion was the quickest seen in four months.
Qu Hongbin, chief economist for China at HSBC, said the data suggested that Chinese service sector companies started the second quarter strongly, with activity and new orders both rising solidly in April.
“However, a downturn in manufacturing operating conditions led to a weaker expansion of overall business activity in April, while the continued job shedding at industrial firms offset a modest rise in the service sector staff numbers,” Qu said.
Earlier data revealed that manufacturing activity in China’s private and export-oriented companies deteriorated in April by the fastest momentum in one year.
The HSBC Purchasing Managers’ Index slipped to 48.9 last month, from 49.6 in March and below the previous flash reading of 49.2.
The official non-manufacturing PMI, compiled by the National Bureau of Statistics, also shed 0.3 points to 53.4 in April, indicating slower growth in activity at state-owned service companies.
China’s economic growth slowed to 7 percent in the first three months, the weakest quarterly expansion in six years.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
