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China consumer confidence improves in Dec
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CHINESE consumers' confidence rebounded in December with outlook for business conditions improving and confidence in real estate market also picking up, a latest report shows today.
The Westpac MNI China Consumer Sentiment Indicator rose 1.3 percent in December from a month ago, the first increase seen since July last year, the Australian bank and the German financial news company Market News International said in a joint report. Throughout 2014, the index was down 10 percent.
Consumers' outlook for business conditions within one year and five years both increased in December, and household finances also improved. Spending plans for leisure expenditure such as dining and entertainment rose in the month, indicating smaller scale spending remains resilient.
Consumers' attitude towards real estate showed further improvement, rising for a second month in December.
A total of 16.8 percent of the respondents now pick real estate as the "wisest place for savings", as the shift of mortgage policies by local governments as well as the central bank's cut on interest rates announced last year have brought positive effects on new home sales across the country.
Consumers seem to have responded positively toward the combination of housing policy support and interest rate cuts, which helped reduce uncertainty, said Huw McKay, Westpac’s senior international economist.
“The improvement in sentiment over the past two months provides some hope that the worst could be behind us although sentiment remains relatively weak, which cautions against being overly optimistic," Philip Uglow, chief economist of MNI Indicators, said in a statement.
The survey covers 1,000 domestic respondents aged between 18 and 64 across 30 cities.
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