Chinese households demonstrate highest level of confidence so far
Print Edition
Chinese households expressed the highest confidence level so far this year in September, according to a survey yesterday.
The China Wealth Index, compiled by the Bank of Communications to gauge sentiment among Chinese households, rose to 131 in September, up from 120 in July and 128 in May.
A reading above 100 reflects optimism, and last month’s reading indicated people’s renewed hopes for a better economic performance.
“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, BoCom’s chief economist.
The component indices showed that households’ confidence in the economy gained 13 points to 131, and a willingness to invest jumped 16 points to 144.
People preferred to invest in non-fixed assets, whose index added 14 points as a result of a strong performance of the stock market in recent months. On the other hand, the index for investing in property rose just 3 points.
China’s economy grew 7.5 percent from a year earlier in the second quarter, the weakest in over a year. Analysts see a 7.8-percent growth in the economy in the third quarter.
“We expect the rebound in the index to continue into the future’’ as China has managed to balance short-term growth stability with long-term risk mitigation, Lian said.
Lu Zhengwei, chief economist at the Industrial Bank, said the September economic data may confirm a stable recovery but the growth pace may weaken from that in the previous two months.
The surprisingly good data for trade, industrial production and fixed-asset investment in August and July may also stabilize in September, Lu said.
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