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China's business confidence hits 5-year low
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CHINA’S business sentiment fell for the second consecutive month in February to the lowest in five years, showing signs of significant weakening in business activity, a private report showed.
The monthly measure of business confidence in China fell to 50.2 this month from 52.2 in January, the lowest reading since January 2009, Market News International (MNI), a unit of Deutsche Boerse Group, said in a report today.
A sub-index that measures business conditions over three months deteriorated to the lowest since March 2007.
However, credit availability rose, according to another sub-index, which posted the highest reading since last October. It’s possible that the authorities have relaxed their tight credit policies or that the credit tightening has been softer than thought, said the report.
"Our survey provides one of the first indications of how the economy performed in February and the results were very poor. Business confidence hit a 5-year low while expectations for the future were the lowest on record,” said Philip Uglow, chief economist of MNI Indicators.
"The Chinese authorities face the unenviable task of trying to achieve a more sustainable growth path while ensuring that they don’t pull the rug from underneath the economy.”
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