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Slower growth erodes corporate confidence
By Wang Yanlin |
October 29, 2010, Friday
|
Online Edition
Online Edition
CHINESE businesses were less confident about their outlook as the country's economic growth moderated in October, an industry report showed today.
China Business Sentiment Survey, compiled by the Market News International, found that overall performance of Chinese companies fell to 65.03 last month from 69.54 in September. But the October index was still above the readings of 62.16 in August and 64.94 in July.
"A cut in confidence is a result of higher input inflation, lower credit availability and expectation of higher interest rates," the report said.
China's economic growth has eased in recent quarters due to efforts on containing pollution and the demand to reduce risk of overheating. But some analysts also interpreted it as the start of a cycle of slower growth.
In the third quarter, China's gross domestic product expanded 9.6 percent year on year, weakening from the gain of 10.3 percent in the second quarter and 11.9 percent in the first quarter.
China Business Sentiment Survey, compiled by the Market News International, found that overall performance of Chinese companies fell to 65.03 last month from 69.54 in September. But the October index was still above the readings of 62.16 in August and 64.94 in July.
"A cut in confidence is a result of higher input inflation, lower credit availability and expectation of higher interest rates," the report said.
China's economic growth has eased in recent quarters due to efforts on containing pollution and the demand to reduce risk of overheating. But some analysts also interpreted it as the start of a cycle of slower growth.
In the third quarter, China's gross domestic product expanded 9.6 percent year on year, weakening from the gain of 10.3 percent in the second quarter and 11.9 percent in the first quarter.
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