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Future and investment confidence weakens
By Wang Yanlin |
November 22, 2011, Tuesday
|
Print Edition
Print Edition
MIDDLE-INCOME households in China, a mainstay of the country's growth, are less confident about the economic outlook and less willing to invest, according to a survey released yesterday.
The China Wealth Index, a bimonthly gauge of sentiment among households with annual income of more than 60,000 yuan (US$9,500), declined 4 points from the previous survey to 116 in October, the lowest in the survey's history from August last year.
The index, compiled by Bank of Communications and research company Nielsen, is based on interviews with nearly 2,000 households in 30 cities, focusing on Beijing, Shanghai and Shenzhen. A reading above 100 indicates positive sentiment or optimism.
"People increasingly feel uncertain about the future, especially on policies," said Zhou Kunping, the bank's deputy general manager. "They thus feel unsafe and reduce their investment in both fixed and non-fixed assets."
A component index measuring people's interest in investment lost 5 points to 109, the survey showed, with interviewees saying they cut investment in many fields, such as property, stocks, futures, bonds, foreign currency, mutual funds and wealth management products.
Another component index testing people's confidence in the economic outlook retreated to 116, 2 points lower than the previous survey.
China's economic growth moderated to 9.1 percent year on year in the third quarter, a slowdown from 9.5 percent in the second quarter and 9.7 percent in the first.
The China Wealth Index, a bimonthly gauge of sentiment among households with annual income of more than 60,000 yuan (US$9,500), declined 4 points from the previous survey to 116 in October, the lowest in the survey's history from August last year.
The index, compiled by Bank of Communications and research company Nielsen, is based on interviews with nearly 2,000 households in 30 cities, focusing on Beijing, Shanghai and Shenzhen. A reading above 100 indicates positive sentiment or optimism.
"People increasingly feel uncertain about the future, especially on policies," said Zhou Kunping, the bank's deputy general manager. "They thus feel unsafe and reduce their investment in both fixed and non-fixed assets."
A component index measuring people's interest in investment lost 5 points to 109, the survey showed, with interviewees saying they cut investment in many fields, such as property, stocks, futures, bonds, foreign currency, mutual funds and wealth management products.
Another component index testing people's confidence in the economic outlook retreated to 116, 2 points lower than the previous survey.
China's economic growth moderated to 9.1 percent year on year in the third quarter, a slowdown from 9.5 percent in the second quarter and 9.7 percent in the first.
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