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China's non-manufacturing PMI eases to 56 in Nov.

12-03-2013 16:21 BJT

By CCTV correspondent Feng Xin

China's service sector kept growing in November. The non-manufacturing Purchasing Manager Index, or PMI, came in at 56, near a twelve month high.

The official November non manufacturing PMI slipped from October, but is still well above the 50 expansion mark. Officials say the expansion was partly due to growing employment.

"If we break down the number by industries, we see that some emerging services, such as software, information technology, internet, telecom and broadcasting show high readings," Meng Qingxin, Director of Research Center for Service Sectors of National Bureau of Statistics, says.

Apart from employment, China's property sector was the other strong driving force. Business activities climbed by more than six points from October.

Experts say recent property curbs across China's second-tier cities will lift home buyers' expectations of further price appreciation.

"In terms of market supply, developers released some of the apartment units they had been hoarding, so supply went up. And on the other hand, rigid demand from consumers kept growing fast. So both supply and demand are driving real estate businesses to grow," Cai Jin, Vice Chairman of China Federation of Logistics and Purchasing, says.

Tuesday's non-manufacturing PMI reaffirms China's recovering growth, as do the two manufacturing PMI's out in the past few days. The HSBC services PMI which focuses on smaller companies, will be released on Wednesday.

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