China39;s factory, services activity growth slows in April
Official PMI surveys show overall economic momentum fragile
Property downturn, weak domestic demand big drags on growth
Analysts say more policy support needed to bolster recovery
BEIJING, April 30 Reuters Growth slowed in China39;s manufacturing and services sectors in April, official surveys showed on Tuesday, suggesting a loss of momentum for the world39;s secondbiggest economy at the start of the second quarter.
Signs of cooling activity after sizable gains in March highlights erratic demand and underlines the challenges facing policymakers, even though a solid first quarter GDP data has reduced some of the urgency to ramp up stimulus measures.
The National Bureau of Statistics NBS manufacturing purchasing managers39; index PMI dropped to 50.4 in April from 50.8 in March, above the 50mark separating growth from contraction and just ahead of a median forecast of 50.3 in a Reuters poll.
New export orders grew at a much slower rate, while employment continued to shrink, the NBS data showed.
The services subindex under the NBS nonmanufacturing survey slowed sharply to 50.3 in April, the weakest pace since January, compared with 52.4 in March.
Indicators of business activity in the catering, capital market services and property industries were in contraction, the NBS said in a statement.
Another private Caixin factory survey, also released on Tuesday, showed manufacturing activity grew more quickly as…