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Financial News: China Private Sector Growth Moderates In January

China Private Sector Growth Moderates In January

02/05/2020 - 01:08:00 (RTTNews)

(RTTNews) - China's private sector activity grew at the slowest pace in four months at the start of the year, reflecting slowdown in manufacturing and services sectors, survey results from IHS Markit showed on Wednesday.

The Caixin composite output index fell to 51.9 in January from 52.6 in December. However, a score above 50 indicates expansion.

Both manufacturing and services reported slower growth in January. The services Purchasing Managers' Index for the service sector came in at 51.8, down from 52.5 a month ago.

The survey showed that composite new order growth slowed to a five-month low. Meanwhile, companies reduced their staffing levels for the first time since last October.

Operating expenses rose at the quickest pace for four months at the composite level, but output charges increased only slightly in January.

Nonetheless, business confidence rebounded to a 20-month high in January, supported by stronger optimism across both sectors.

China's economic recovery was not strong enough due to limited improvement in demand, and some companies didn't replenish inventories, Zhengsheng Zhong, chairman and chief economist at CEBM Group said.

As the current pneumonia epidemic is putting pressure on the economy, policymakers need to make efforts to ensure no major disruptions to improving business confidence, the economist added.

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