Chinese household sentiment rebounds
Print Edition
CHINESE household sentiment rebounded in March, helped by the country’s recent economic stabilization and a booming property market, according to a survey released yesterday.
The China Wealth Index, which is produced every two months by the Bank of Communications and research firm Nielsen, rose 7 points from January to 126 in March.
A reading above 100 reflects household optimism.
“The accommodative policies seem to have filtered through the economy and households are among the first to feel the improvement,” said Lian Ping, chief economist at BOCom.
The component indexes also revealed that people’s confidence in the broader economy picked up by 7 points to 115 as did their income growth to 139. People’s willingness to invest jumped 8 points to 126, indicating an all-around recovery from the lows in January after the stock market rout.
“China’s economy has stabilized thanks to the policy easing and the reform efforts,” Lian said, adding that after six cuts in both interest rates and reserve requirement ratios over the past two years, China is starting to see the impact of the stimulus.
The official Purchasing Managers’ Index, a gauge of the operational conditions in the manufacturing sector, returned to an eight-month high of 50.2 in March, according to data from the National Bureau of Statistics.
People’s willingness to buy properties added 9 points to 112 last month, lifted by the lower down payment requirement and reduced taxes on home purchases in some cities.
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