Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

China Service Industries Grow at Faster Pace as Economy Rebounds

China Service Industries Grow at Faster Pace as Economy Rebounds
Shoppers walk through a shopping district in Beijing, China. Photographer: Tomohiro Ohsumi/Bloomberg

Jan. 3 (Bloomberg) -- China’s services industries expanded at the fastest pace in four months, adding to manufacturing gains that may help sustain an economic rebound this year.

The non-manufacturing purchasing managers’ index was at 56.1 in December after a 55.6 reading the previous month, the National Bureau of Statistics and China Federation of Logistics & Purchasing said in Beijing today. A reading above 50 indicates expansion.

The report highlights the importance of industries including retail and lodging as the Communist Party’s new leadership headed by Xi Jinping seek to boost domestic demand and consumption to make expansion more sustainable in the world’s second-largest economy. China’s exports rose less than forecast in November from a year earlier.

“The Chinese economy and its asset markets will remain in a sweet spot in the first half of 2013,” Lu Ting, chief Greater China economist at Bank of America Corp. in Hong Kong, said before the data. “The Chinese government will continue its pro-growth policy stance at the moment to withstand weak external demand.”

A separate services index will be released tomorrow by HSBC Holdings Plc and Markit Economics.

China’s official manufacturing PMI was 50.6 in December, the third month of expansion and equal to November’s level. The final reading of a manufacturing PMI released by HSBC and Markit was 51.5, the highest in 19 months.

The nation’s economic growth probably accelerated to 7.8 percent in the fourth quarter from a year earlier, up from a three-year low of 7.4 percent in the previous period, according to the median estimate in a Bloomberg News survey of 34 analysts. The government will release its report Jan. 18.

To contact Bloomberg News staff on this story: Xin Zhou in Beijing at xzhou68@bloomberg.net

To contact the editor responsible for this story: Paul Panckhurst at ppanckhurst@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.