Confidence takes some beating in latest poll
Print Edition
Chinese households were less confident about the country’s economy due to slower growth in both business activity and people’s income, a survey showed yesterday.
The China Wealth Index, compiled by Bank of Communications to gauge sentiment among Chinese households, stood at 120 in July. It was down from 128 in May and dropped to its lowest level so far this year, although a reading above 100 still meant optimism.
The component indices showed that people’s confidence in the economy faltered by 12 points to 118, and their willingness to invest retreated 4 points to 110.
“The sharp decrease in the index is a reflection of China’s weakening recovery,” said Lian Ping, the bank’s chief economist. “Growth in the manufacturing and trade sector has been losing steam, and the country has to deepen its efforts on economic restructuring.”
China’s gross domestic product expanded 7.5 percent from a year earlier in the second quarter, further deteriorating from the pace of 7.7 percent in the first three months, according to the National Bureau of Statistics.
While the economic growth slowed, people’s proceeds grew at an even weaker pace. Disposable income of China’s urban residents rose 6.5 percent year on year in the first six months, less than the 9.7 percent a year earlier and behind the economic growth of 7.6 percent in the first half.
But Lian said respondents were not so pessimistic about the future as the government has unveiled policies to bolster the economy in recent days.
The index, released every two months, was a result of interviews with 1,920 households in major cities across the country in the latest survey.
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