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Optimism among large companies highest in over two years due to reforms
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BUSINESS confidence among some of China’s largest companies stood at the highest since October 2011 this month with optimism boosted by the newly announced reform agenda, a private report showed.
The monthly measure of China’s business sentiment rose to 58.4 in December from 53.3 in November, fueled by a large jump in the number of firms that said the current business conditions were better than a month earlier, Market News International (MNI), a unit of Deutsche Boerse Group, said in a report today.
“Businesses ended the year on a high note and appear hopeful that the reform agenda will enhance their growth potential,” said Philip Uglow, chief economist of MNI Indicators.
“While much attention has focused on the central bank’s efforts to cut back on credit, companies in our panel expect that liberalization of interest rates will help to boost the availability of credit.”
“Recovery in the global economy in 2014 should help to underpin growth as the authorities gradually roll out their reform plans,” he added.
After reforms coming out of the Third Plenum, expectations for credit availability over the next three months leapt to the highest since February 2010 and above 50 for the first time since May, according to the report.
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