China's services industry grew at a steady pace in November, a private survey showed Wednesday, a further indication of strength as the government embarks on a sweeping restructuring drive.
The HSBC/Markit services PMI stood at 52.5 in November, little changed from October's 52.6 and above the 50 line that separates expansion from contraction, Reuters reported.
A separate official survey of China's non-manufacturing Purchasing Manager Index for November came in at 56, down from October but still near a 12-month high, the government announced Tuesday. The October PMI on that survey was 56.3.
"If we break down the number by industries, we see that some emerging services, such as software, information technology, Internet, telecom and broadcasting, show high readings," Meng Qingxin, director of the Research Center for Service Sectors of the National Bureau of Statistics, told China’s CNTV.
Apart from employment, China's property sector was the other strong driving force. Business activities climbed by more than six points from October, CNTV reported.
Continue Reading Below
Experts say recent property curbs across China's second-tier cities will lift home buyers' expectations of further price appreciation.
"In terms of market supply, developers released some of the apartment units they had been hoarding, so supply went up. And on the other hand, rigid demand from consumers kept growing fast. So both supply and demand are driving real estate businesses to grow," said Cai Jin, vice chairman of the China Federation of Logistics and Purchasing.