USEUROPEAFRICAASIA 中文雙語Fran?ais
    China
    Home / China / Business

    Service sector offsets weak factory output

    By Chen Jia | China Daily | Updated: 2015-01-07 09:02

    HSBC data prompt economists to urge more policy easing

    Steady growth in China's service industry looks to have helped counter the weakening in manufacturing activity during 2014, increasing policy makers' confidence to accelerate structural reforms this year, analysts said.

    The country's average official manufacturing Purchasing Managers Index was 50.7 last year, which illustrates the sector's near-stagnation; but in comparison, the average services PMI reached 54.4, supported by fast expansion of new business and stronger employment levels.

    The latest figures from banking giant HSBC Holdings Plc released on Tuesday appeared to mirror that trend, showing a rise in its December China Services PMI to 53.4 from 53 in November, as new businesses expanded fast.

    Stable development of the service sector also modestly improved last month's employment index, said HSBC, as the manufacturing sector continued to struggle.

    "It provided a counter balance to the downward pressure in the economy," said Qu Hongbin, HSBC's chief economist in China and co-head of its Asian Economic Research.

    "We continue to believe there is insufficient demand in the overall economy and more easing measures are warranted in the coming months."

    The bank has already released its December manufacturing PMI, which showed a reading of 49.6, down from 50 in November, the first deterioration in operating conditions since May. New orders also contracted for the first time since April 2014.

    The official PMI readings have already confirmed a further slowdown in the manufacturing sector at the end of 2014, but stronger economic activity in the service industry.

    The manufacturing PMI fell to 50.1in December, the lowest reading since July 2013, down from 50.3 in November and 50.8 in October, led by falls in new orders and output, according to the National Bureau of Statistics.

    Chang Jian, chief economist in China at Barclays' Capital, said that continued declines in input prices represented inflationary risks which are hurting investment in the manufacturing sector and are likely to result in falling corporate profits.

    The December services PMI released by the NBS climbed to 54.1, a four-month high, up from 53.9 in November and 53.8 in October.

    As the service sector continues its rapid expansion, Zhao Qinghe, a senior economist at the NBS, said it has become a driving force behind the overall economy, which is now steadily adjusting to what the government calls a "new normal" of slower economic growth.

    Wang Tao, chief economist in China at UBS AG, expects the upcoming December data "to show a still-frail economy, tepid production momentum, and mounting deflationary pressures".

    She is expecting GDP growth to have slid further from the third quarter's 7.3 percent year-on-year to 7.1 percent in the fourth quarter, taking full year growth to 7.3 percent.

    The NBS will release the December and full-year economic indicators on Jan 20.

    Lian Ping, chief economist at Bank of Communications Co Ltd, is forecasting that GDP growth will be 7.2 percent in 2015, slightly lower than growth in 2014.

    "As China undergoes economic restructuring, secondary industries will account for a smaller proportion of the economy and the lack of industrial demand will cause price drops in raw materials," Lian said.

    He is also predicting that the Producer Price Index will see significant negative growth in the first half of this year, but the decline will slow down in the second half.

    Jiang Xueqing contributed to this story

    chenjia1@chinadaily.com.cn

    Service sector offsets weak factory output

    (China Daily 01/07/2015 page16)

    Editor's picks
    Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
    License for publishing multimedia online 0108263

    Registration Number: 130349
    FOLLOW US
    久久精品aⅴ无码中文字字幕不卡| 精品久久无码中文字幕| 中文字幕日韩三级片| 中文字幕一区二区三区久久网站| 日韩亚洲国产中文字幕欧美| 成 人无码在线视频高清不卡| 久久AV高清无码| (愛妃視頻)国产无码中文字幕| 日本中文一区二区三区亚洲| 亚洲av无码一区二区三区乱子伦| 亚洲国产成人片在线观看无码| 亚洲国产精品无码中文字| 最近免费字幕中文大全视频| 高清无码视频直接看| 国色天香中文字幕在线视频| 人妻无码一区二区三区免费| 国产品无码一区二区三区在线| 亚洲AV无码乱码在线观看富二代| 无码人妻久久一区二区三区| 最近免费中文字幕高清大全| 一本无码中文字幕在线观| 蜜臀av无码人妻精品| 中文www新版资源在线| 亚洲Aⅴ无码专区在线观看q| 亚洲国产人成中文幕一级二级| 日本中文字幕在线| 天天看高清无码一区二区三区| 久久精品一区二区三区中文字幕| 中文字幕人妻无码专区| 四虎成人精品无码| 漂亮人妻被中出中文字幕久久| 成在人线AV无码免观看麻豆| 国产亚洲3p无码一区二区| 无码人妻精品中文字幕免费东京热 | 亚洲av无码乱码国产精品fc2| 高清无码午夜福利在线观看| 最近2019免费中文字幕视频三| 无码AV中文字幕久久专区| 中文字幕精品一区影音先锋| 中文字幕本一道先锋影音| 中文字幕一区视频|