A Chinese services-industry index rose to a six-month high, adding to signs that the world’s second-biggest economy will sustain a rebound after a two- quarter slowdown.self storageThe gauge rose to 55.4 in September from 53.9 in August, the Beijing-based National Bureau of Statistics and Federation of Logistics and Purchasing said today. A number more than 50 indicates an expansion.An increase in tourist numbers for a current week-long Chinese holiday points to robust consumption and a low probability of a “hard landing” for the economy, Bank of America Corp. said today. Gains in non-manufacturing industries help Premier Li Keqiang shift the economy away from dependence on exports and investment, with the next phase of that strategy to be mapped out at a Communist Party meeting in November.China is “unlikely to see a sharp slowdown,” Bank of America’s Hong Kong-based economist Lu Ting said in a report on the tourism figures. The economy may have expanded 7.9 percent in the third quarter, he迷利倉said.In Hong Kong, the benchmark Hang Seng Index rose 1 percent as of 10:01 a.m. local time.Visitors to the nation’s top 125 tourist attractions rose 19 percent from a year earlier to 8.4 million people during the first two days of the holiday after adjusting for changes to the number of surveyed attractions, according to the Bank of America report.The federation said a gauge of new orders jumped, retail spending grew strongly and a logistics industry index rose. Today’s report followed smaller-than-forecast gains in manufacturing indexes for September.Fiscal support measures including spending on railways, urban infrastructure and shanty-town redevelopments are helping Li to protect a goal of a 7.5 percent economic expansion this year.The statistics bureau reports third-quarter gross domestic product on Oct. 18. The economy probably grew 7.7 percent from a year earlier, according to a Bloomberg News survey of analysts, up from the second quarter’s 7.5 percent pace.-Quamnet/Wendy-自存倉
- Oct 06 Sun 2013 21:10
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QuamNews:China services index jumps in sign economy can sustain rebound
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