Consumer confidence rises for 2nd month
Print Edition
DESPITE the recent stock market turmoil, a monthly poll suggested China’s consumer confidence rose for a second straight month in July, apparently driven by positive economic indicators.
The Westpac MNI China Consumer Sentiment Indicator, which polls 1,000 people across the country, rose 1.9 points from June to 114.5.
Nationwide, sentiment regarding personal finance improved 2.5 points month on month, though individual indicators for Shanghai, Guangzhou and Beijing all fell due to the volatility in the stock market, the survey’s compilers said.
“Despite the correction in equity prices, consumer confidence posted a further increase in July, consistent with the positive official economic data released recently, and the survey bears out our view that the impact from the stock market correction will be limited,” said MNI Indicators Chief Economist Philip Uglow.
“The uplift in both business conditions and attitudes toward real estate has given a very useful lead on real economic developments,” said Westpac’s senior international economist Huw McKay.
“And we’ve seen a lift in the proportion of respondents nominating domestic real estate as the wisest place for saving.”
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