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Chinese household confidence hits new high
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Confidence among Chinese households hit the highest level so far this year last month, a survey showed today.
The China Wealth Index, compiled by Bank of Communications to gauge sentiment among Chinese households, rose to 131 in September. It was up from 120 in July and 128 in May.
A reading above 100 means optimism, and this strong turnaround indicated people's renewed hopes for an economic recovery.
The component indices showed that household's confidence in the economy gained 13 points to 131, and willingness to invest jumped 16 points to 144.
"A batch of good news, including Shanghai's pilot free trade zone project, accelerating financial innovation and more reforms involving state-owned enterprises, is helping to bolster people's confidence," said Lian Ping, chief economist at the bank.
"We expect this index rebound will continue into the future as China has been well balancing between short-term growth and long-term risks mitigation," Lian said.
China's gross domestic product expanded 7.5 percent from a year earlier in the second quarter, the weakest in more than one year. Analysts expected the pace to regain momentum in the third quarter with an increase of around 7.8 percent.
The National Bureau of Statistics is scheduled to release the third-quarter key activity data next Friday.
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