Chinese confidence in economy drops
By Wang Yanlin |
October 11, 2012, Thursday
|
Print Edition
Print Edition
CHINESE households were less confident about the country's economy in September, which again damped their willingness to buy properties amid rising home prices, a survey by the Bank of Communications showed yesterday.
The China Wealth Index, compiled by BoCom's economic research center and Nielsen Co, stood at 113 in September, a record low since the survey started two years ago. The index deteriorated from 120 in July.
A reading above 100 means optimism, and a component index measuring people's confidence in the economy slid to 101.
"It seems China has not done enough to stop the economic downturn," said Lian Ping, chief economist at BoCom. "Businesses are now facing trouble when demand at home and abroad remains weak, and the property market will not rebound notably with restrictive policies still in place."
Lian said confidence has been hit as consumers believe the current economic slowdown in China will be a long-term phenomenon. Under such pressure, the index of willingness to buy property fell to 104 in September after climbing since January.
China's new home prices rose for the fourth straight month in September, with the average price across 100 cities gaining 0.17 percent from August to 8,753 yuan (US$1,391) per square meter.
The index, released every two months, interviewed 1,955 households in major cities in the latest survey.
Earlier this week, the World Bank and the International Monetary Fund slashed their projections of China's growth to 7.7 percent and 7.8 percent respectively for this year.
The China Wealth Index, compiled by BoCom's economic research center and Nielsen Co, stood at 113 in September, a record low since the survey started two years ago. The index deteriorated from 120 in July.
A reading above 100 means optimism, and a component index measuring people's confidence in the economy slid to 101.
"It seems China has not done enough to stop the economic downturn," said Lian Ping, chief economist at BoCom. "Businesses are now facing trouble when demand at home and abroad remains weak, and the property market will not rebound notably with restrictive policies still in place."
Lian said confidence has been hit as consumers believe the current economic slowdown in China will be a long-term phenomenon. Under such pressure, the index of willingness to buy property fell to 104 in September after climbing since January.
China's new home prices rose for the fourth straight month in September, with the average price across 100 cities gaining 0.17 percent from August to 8,753 yuan (US$1,391) per square meter.
The index, released every two months, interviewed 1,955 households in major cities in the latest survey.
Earlier this week, the World Bank and the International Monetary Fund slashed their projections of China's growth to 7.7 percent and 7.8 percent respectively for this year.
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