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October 17, 2017

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Household confidence remains stable

CHINA’S household confidence remained stable but people’s willingness to buy property dimmed again after several cities imposed tougher measures to calm the housing market, a survey showed yesterday.

The China Wealth Index, compiled every quarter by Bank of Communications and research firm Nielsen, fell to 139 in October from 140 in July.

A reading above 100 reflects optimism among 1,879 households interviewed.

“The results were largely stable,” said Lian Ping, chief economist of BoCom. “People’s confidence remained unchanged from the two-year high recorded in July...except in the real estate sector.”

A sub-index on people’s willingness to invest in property lost 2 points to 113 after it rose for the first time in July’s survey.

The drop was due to several cities, including second-tier ones like Xi’an, Nanchang and Changsha, imposing new measures related to tax and deposits to curb speculation in the housing market over the past two months.

China’s economy was relatively strong. In the first half, its economy grew 6.9 percent, with consumption and services contributing to its growth.

The International Monetary Fund upgraded its forecast for Chinese economic growth this year to 6.8 percent and next year to 6.5 percent.


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