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Chinese households remain cautious about economic growth, survey shows
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Chinese households’ confidence in November fell from this year’s highest level, as people remained cautious about the economy and as income growth slowed, according to a survey released today.
The bimonthly China Wealth Index, compiled by the Bank of Communications to gauge sentiment among Chinese households, fell from September’s 131 to 127 last month, on a par with the average reading so far this year. A reading above 100 reflects optimism.
The component indices showed that Chinese people’s confidence in the economy declined 4 points to 127 points while income growth slid 7 points to 138 points, BoCom said. The sub-index for the willingness to invest remained flat at 117 points.
By region, the wealth index rose in western areas and fell elsewhere, BoCom said.
The latest index was based on surveys on 1,939 families conducted between November 8 and 18, which coincided with the Communist Party Central Committee’s third plenum, from which leaders rolled out a series of economic reforms aimed at restructuring the world's second largest economy.
“Households surveyed remained cautious about the economy over the next six month,” BoCom said. “That’s because reforms are aimed at the long-term sustainable development in the economy, which means bigger tolerance for slower growth in the short term by the government. Meanwhile, it takes time for the reform measures to be implemented and take effect.”
China’s economy grew 7.8 percent in the third quarter, the quickest pace this year, but other latest data showed downside risks still exist. The official Purchasing Managers' Index stood at 51.4 in November, unchanged from October, but some sub-indexes also showed declining new orders and insufficient restocking of inventories by firms.
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