China is on course to buck the slowing trend of the emerging market economies and accelerate its growth rate by 2015 and improve its long-term prospects, according to a HSBC report published Tuesday.
The HSBC Emerging Markets Index (EMI), which follows the HSBC Purchasing Managers' Indexes (PMIs) in 17 emerging economies, dropped to 51.6 in December 2013, down from 52.1 in November.
China has been a worry for some investors. Growth in China's services sector slowed in December to its lowest point since August 2011, adding to signs of slowing momentum. The HSBC/Markit services sector Purchasing Managers' Index (PMI) dropped to 50.9 in December from 52.5 in November.
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However, the manufacturing sector was stronger, with its growth rate only slightly weaker than November's eight-month high.
"If you look at the quarterly average, the fourth quarter was better than the third quarter and the second quarter," Murat Ulgen, HSBC's Chief Economist for Central and Eastern Europe and Sub-Saharan Africa, told CNBC Tuesday.
He continued: "If you look at the forward-looking indicators, new orders have been growing for the past five months, although a bit slower; employment conditions continue to improve, but it was a marginal improvement. So overall, yes there is growth, emerging markets continue to grow, but it's a bit disappointing and at a slower pace."