|Index shows output growth eases in both manufacturing and services
HSBC China Composite Output Index posted at 51.2 in
September, down from 51.8 in August. Output levels increased across both the manufacturing and services sectors at a lower rate.
Manufacturers reported a further increase in order book volumes in September. However, the rate of increase was unchanged from August’s marginal pace.
Meanwhile, at service providers, new order growth slowed from August, but was nonetheless marked. After adjusting for seasonal factors, the HSBC China Services Business Activity Index posted 52.4 in September, down from 52.8 in August. This signaled a moderate increase in business activity in the Chinese service sector.
"China's services activity growth appears to be stabilising
at a faster pace than in the second quarter. This led to a renewed
expansion of employment from the contraction in August,'' said HSBC China's chief economist Qu Hongbin. "Combined with the gradual improvement of the manufacturing PMI, the Chinese economy is still on the way to a modest recovery."