2010-07-05 14:45

A Chinese services industry index slid to a 15-month low in June, adding to signs that the world's third-biggest economy is cooling.

Related readings:  Economic policy faces rising challenges  Manufacturing expands slower than expected  China's economy 'cannot drive global growth'  China still faces many problems

The measure fell for a third month to 55.6 from 56.4, HSBC Holdings Plc and Markit Economics said in an e-mailed statement.

Today's data adds to manufacturing indexes last week and a services index released July 3 in signaling that growth is slowing as the government cracks down on property speculation and the effects of stimulus measures fade. The Shanghai Composite Index fell 1.4 percent as of 10:57 am local time, extending this year's decline to more than 28 percent.

The latest services number "reflects the effect of property market tightening measures," said Qu Hongbin, a Hong Kong-based economist at HSBC. "This, combined with the moderating manufacturing production, implies the economy is cooling off sequentially."

A non-manufacturing index released by the Federation of Logistics and Purchasing on July 3 slid to 57.4 from 62.7 in May.