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China manufacturing, services sectors go in different directions

  • China's HSBC manufacturing PMI fell to a seven-month low of 48.5 (flash 48.3) in February from 49.5 in January. (PR)
  • In contrast, the official non-manufacturing PMI rose to 55 from 53.4.
  • The figures come after government data showed that manufacturing PMI slipped 50.2 from 50.5.
  • "We are seeing a higher share of services in GDP, and we cite that sometimes as one of the signs of rebalancing in the economy," says BBVA economist Stephen Schwartz. "If that's part of a longer-term trend, that's somewhat encouraging."
  • The readings add to other data that paint a mixed picture of the Chinese economy. The latest numbers are also thought to have been affected by the Chinese Lunar New Year, when production tends to slow down.
  • The Shanghai Composite is +0.8%.
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Comments (1)
  • Philip Marlowe
    , contributor
    Comments (1210) | Send Message
     
    Seems like the Chinese government are doing a good job of transitioning China to a modern services oriented economy. Lets hope they can get this done before they turn the earth's atmosphere into poison.
    3 Mar 2014, 03:34 AM Reply Like
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