Services sector growth drops to one-year low: HSBC
Updated: 2012-09-05 15:40
By Chen Jia (chinadaily.com.cn)
|
||||||||
The growth rate of the Chinese services sector slowed to a one-year low in August, mainly due to a slower increase in new orders, a HSBC survey said on Wednesday.
The HSBC Business Activity Index, which monitors the services industry, dropped to 52 in August from 53.1 in July, the slowest growth pace since August 2011.
The August official non-manufacturing PMI showed an opposite scenario, increasing to 56.3 in August from July's 55.6 level, the National Bureau of Statistics and the China Federation of Logistics and Purchasing said on Monday.
"Beijing is expected to do more to counter balance external shocks," said Qu Hongbin, chief China economist with HSBC.
In order to stabilize growth, the government is expected to do more and sooner rather than later, Qu said.
Regarding the business outlook, Chinese service providers expressed optimism, the HSBC report said. They mentioned hopes that demand will strengthen over the coming year. Many of them also disclosed new product development and business expansion plans.
chenjia1@chinadaily.com.cn
- Relief reaches isolated village
- Rainfall poses new threats to quake-hit region
- Funerals begin for Boston bombing victims
- Quake takeaway from China's Air Force
- Obama celebrates young inventors at science fair
- Earth Day marked around the world
- Volunteer team helping students find sense of normalcy
- Ethnic groups quick to join rescue efforts
Most Viewed
Editor's Picks
Supplies pour into isolated villages |
All-out efforts to save lives |
American abroad |
Industry savior: Big boys' toys |
New commissioner
|
Liaoning: China's oceangoing giant |
Today's Top News
Health new priority for quake zone
Xi meets US top military officer
Japan's boats driven out of Diaoyu
China mulls online shopping legislation
Bird flu death toll rises to 22
Putin appoints new ambassador to China
Japanese ships blocked from Diaoyu Islands
Inspired by Guan, more Chinese pick up golf
US Weekly
Beyond Yao
|
Money power |