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Business confidence falls to lowest level in 4 months
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CHINA’S business confidence slumped in January to the lowest level in four months, following a sharp rise in December, partially because of weakened demand ahead of the Chinese New Year, a private report showed.
The monthly measure of business sentiment in China fell to 52.2 this month from a two-year high of 58.4 in December, Market News International (MNI), a unit of Deutsche Boerse Group, said in a report today.
The December high was thought to have been boosted by improved hopes for the Chinese economy following the Third Plenum of the 18th Communist Party of China Central Committee in November, while the initial effects may have dissipated by this month, according to the report.
“This was a very disappointing start to 2014 with business confidence hitting its lowest level in four months,” Philip Uglow, chief economist of MNI Indicators, said in the report. “December’s optimism now appears to have been a false dawn as the impact of the stimulus measures which helped to support business over the second half of last year has waned.”
“This year poses substantial challenges to the Chinese authorities, who need to address the build-up of excessive debt levels and over-investment, the short-term effect of which will bear down on growth. A continued improvement in the global economy, though, should give them room to take more action without the sharp hit to growth the government is keen to avoid,” he added.
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