Volgens de jongste cijfers van de HSBC Chinese Services PMI ziet het er niet naar uit dat de Chinese economie afstevent op een harde landing. Terwijl de meeste marktanalisten vreesden voor een bruuske stilstand, ziet de indicator licht aan het einde van de tunnel. Via BI:
September data showed growth of China’s private sector strengthening from near-stagnation in August. This was signalled by a rise in the seasonally adjusted HSBC Composite Output Index (covering manufacturing and services) to a three-month high of 51.5. However, the index was well below the long-run series average (54.6). Moreover, for Q3 as a whole, the index averaged its lowest quarterly reading since Q1 2009. The uptick in overall output growth primarily reflected a faster increase in Chinese service sector activity, with the seasonally adjusted Business Activity Index climbing from a series-record low of 50.6 to 53.0 in September. The rate of expansion was solid, but remained subdued in the context of historical data. Where an increase in business activity was signalled, survey respondents commonly linked this to greater inflows of new business.
