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China business confidence dips 8-month low, report says
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China’s business sentiment slipped for the second consecutive month in October amid calls for the Chinese authorities to do more to boost growth, a private report showed today.
The monthly measure of business conditions in China fell to 51.7 this month, the lowest level in eight months, financial news company Market News International (MNI), a unit of Deutsche Boerse Group, said in a report today.
The decline was led by a significant drop in confidence among service sector companies, a sign that the domestic economy is decelerating further.
“In spite of the deteriorating housing market and the softening in domestic demand, thus far the Chinese authorities have held off introducing a full-blown stimulus package, opting instead for a range of targeted measures,” said Philip Uglow, chief economist of MNI Indicators.
“While our central case doesn’t see this changing, the recent weakness in the MNI China Business Indicator suggests their resolve may be tested further.”
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