April data pointed to renewed growth of business activity in China, with the HSBC Composite Output Index rising from 49.9 to 51.4. The latest index reading nonetheless signalled a modest rate of expansion. At the sector level, manufacturers recorded a marginal drop in output, while service providers noted stronger growth from one month earlier. The latter was highlighted by a rise in the seasonally adjusted HSBC Services Business Activity Index from 53.3 to a six-month high of 54.1 in April. Where a rise in service sector activity was registered, panellists commonly linked growth to higher intakes of new business. ... (full story)