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BEIJING - Business
activity in China's service sector eased in November on softened demand, a private
survey showed Thursday.
The Caixin China
General Services PMI (Purchasing Managers' Index) came in at 51.2 in November,
down slightly from 52 in October, according to the survey conducted by
financial information service provider Markit and sponsored by Caixin Media Co
Ltd.
A reading above 50
indicates expansion, while a reading below 50 represents contraction.
The survey attributed
the easing business activity in the service sector to relatively weak market
conditions and softened client demand in the latest survey period.
In addition, the
Caixin China Composite PMI, which covers both manufacturing and services,
climbed to 50.5 in November from October's 49.9, rising over 50 for the first
time in four months.
"This shows that
the macro economy has moved further toward stable growth and the economic
structure is improving. Future fiscal and monetary policies must be coordinated
and large-scale stimulus should be avoided as much as possible," said He Fan,
chief economist at Caixin Insight Group.
Employment at Chinese
service providers continued to increase in November. However, subdued business
conditions contributed to softer payroll growth, according to the survey.
The survey said that
service sector optimism toward the 12-month business outlook improved only
slightly from October's record low, as a number of companies expressed concerns
about a challenging economic outlook.
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