Confidence dips as households cautious
Print Edition
Chinese households’ confidence level fell from an intra-year high last month as they remained cautious about the economy while growth in income slowed, according to a survey released yesterday.
The bimonthly China Wealth Index, compiled by the Bank of Communications to gauge sentiment among Chinese households, fell from September’s 131 to 127 in November, similar to the average reading so far this year. A reading above 100 reflects optimism.
The component indices showed Chinese people’s confidence in the economy shed 4 points to 127 while income growth slid 7 points to 138, BoCom said. The sub-index for willingness to invest was flat at 117.
The latest index was based on a survey of 1,939 families between November 8 and 18, which coincided with the Party’s third plenum which unveiled several economic reform measures to restructure 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.”
China’s economy grew 7.8 percent in the third quarter, the quickest pace this year.
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