Service activity rises slower in April
Print Edition
CHINA’S service activity in private firms expand at a slower pace in April, in line with slower growth in the overall manufacturing and non-manufacturing sectors, a survey showed yesterday.
The Caixin Business Activity Index, a gauge of operating conditions in private service firms, stood at 51.8 in April, down from 52.2 in March.
A reading above 50 indicates expansion. The survey is produced by financial information service provider Markit and sponsored by Caixin Media.
The slower growth in the private service sector echoed that in larger service firms as the official non-manufacturing Purchasing Managers’ Index, mainly covering state-owned companies, dipped to 53.5 in April from the previous month’s 53.8.
In the manufacturing sector, the official PMI indicated expansion for the second straight month but dipped to 50.1 in April from 50.2 in March.
The Caixin General China Manufacturing Purchasing Managers’ Index also fell to 49.4 in April from 49.7 in March.
“Expansion in the service sector helped offset some of the impact caused by flagging manufacturing,” said He Fan, chief economist at Caixin Insight Group. “Overall, however, the economy still faces relatively strong downward pressure. The government needs to keep implementing moderate stimulus to prevent a hard landing of the economy.”
The stagnant growth in services and manufacturing sectors in April came on the heels of the National Bureau of Statistics reporting that China’s economy rose 6.7 percent year on year in the first quarter, the slowest in seven years.
China International Capital Corp said in a report that the official and Caixin PMIs suggested industrial activity was recovering weakly and downward pressure may worsen in the middle of the year if home sales and industrial products’ de-stocking fail to meet expectations.
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