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%.

ETFs: FXI, PGJ, GXC, FXP, YINN, CYB, HAO, KWEB, CNY, ASHR, CHIQ, TAO, DSUM, CHIX, YANG, CQQQ, MCHI, PEK, QQQC, XPP, YAO, CHXX, FXCH, CHII, CHXF, YXI, ECNS, CHIE, CHIM, KFYP, FCA, CHLC, TCHI, CHNA

From other sites
Comments (1)
  • Philip Marlowe
    , contributor
    Comments (1467) | 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
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs