Businesses exude confidence
By Wang Yanlin |
April 9, 2011, Saturday
|
Print Edition
Print Edition
BUSINESS confidence in China among entrepreneurs was sustained in the first quarter amid the country's steady economic growth, but business climate grew less favorable, two surveys by the National Bureau of Statistics showed yesterday.
The Business Confidence Index in China remained at the same level as that in the final quarter of last year at 137.4 points in the first three months of this year.
Confidence among retailers and consumer goods producers was lifted by 2.7 points and 4.7 points, respectively, to 148 and 136.8, while property developers were less confident, with their index dropping 8.4 points from a quarter earlier to only 112.3.
Tougher measures to crack down on speculation in China's real estate sector was the main reason behind falling confidence among property developers, analysts said, while the country's plan to expand domestic consumption boosted the mood among retailers and consumers goods producers.
Meanwhile, the Business Climate Index was cut to 133.8 in the January-March period, down 4.2 points from 2010's last quarter.
"China's tighter monetary policies make it harder for companies to get credit," said Shi Lei, an economics professor at Fudan University. "But the country's solid growth momentum means businesses remain optimistic about the future."
China has adopted a prudent monetary policy stance since the end of last year. The country has raised interest rates four times since October, up 25 basis points each time, with the latest hike coming on Wednesday.
China's gross domestic product rose 10.3 percent year on year to 39.79 trillion yuan (US$6.03 trillion) in 2010, surpassing Japan as the world's second-largest economy.
A report by the Chinese Academy of Social Sciences said China may eclipse the United States to become the world's biggest economy in as early as 2020.
The National Bureau of Statistics is scheduled to release first-quarter economic figures next Friday.
Some analysts expect the country's economic growth in the January-March quarter to settle between 9.6 percent and 10 percent.
The Business Confidence Index in China remained at the same level as that in the final quarter of last year at 137.4 points in the first three months of this year.
Confidence among retailers and consumer goods producers was lifted by 2.7 points and 4.7 points, respectively, to 148 and 136.8, while property developers were less confident, with their index dropping 8.4 points from a quarter earlier to only 112.3.
Tougher measures to crack down on speculation in China's real estate sector was the main reason behind falling confidence among property developers, analysts said, while the country's plan to expand domestic consumption boosted the mood among retailers and consumers goods producers.
Meanwhile, the Business Climate Index was cut to 133.8 in the January-March period, down 4.2 points from 2010's last quarter.
"China's tighter monetary policies make it harder for companies to get credit," said Shi Lei, an economics professor at Fudan University. "But the country's solid growth momentum means businesses remain optimistic about the future."
China has adopted a prudent monetary policy stance since the end of last year. The country has raised interest rates four times since October, up 25 basis points each time, with the latest hike coming on Wednesday.
China's gross domestic product rose 10.3 percent year on year to 39.79 trillion yuan (US$6.03 trillion) in 2010, surpassing Japan as the world's second-largest economy.
A report by the Chinese Academy of Social Sciences said China may eclipse the United States to become the world's biggest economy in as early as 2020.
The National Bureau of Statistics is scheduled to release first-quarter economic figures next Friday.
Some analysts expect the country's economic growth in the January-March quarter to settle between 9.6 percent and 10 percent.
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