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Households losing confidence
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Chinese households lost some confidence in May due to China's soft economic performance, and people's willingness to buy property contracted for the first time in four years, according to the China Wealth Index.
The index, compiled by the Bank of Communications and Nielsen, settled at 127 in May compared to 130 in March and 129 in January. A reading above 100 indicates optimism
The component indexes showed that the households' confidence in the economy fell 5 points to 126 last month, and their willingness to invest also slid to 114, down from 117 in March.
People were also reluctant to purchase real estate. Their willingness to buy homes shed three points to 99, below the threshold of positive sentiment for the first time in the survey's four-year history.
"China's economy is stabilizing," said Lian Ping, chief economist at BoCom. "But people's anticipation remains weak, especially in coastal areas where the pains of structural reform were growing."
Against the broad trend, people in western areas were more optimistic in May, with their confidence increasing 5 points to 135.
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