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Stock market rally boosts Chinese wealth index

By Wang Yanlin | February 9, 2015, Monday | Online Edition

THE recent stock market rally and higher income helped to bolster Chinese people's sentiment in the past two months, but their confidence in the economy weakened, a survey released today showed.

The China Wealth Index, compiled by the Bank of Communications and Nielsen every two months, landed at 132 in January. It was up from 130 in November of last year and was the highest since 2010.

A reading above 100 reflects optimism among the 1,849 households being tracked.

Lian Ping, chief economist at BoCom, said people's confidence was strengthened by the surprisingly good stock market performance and better returns of some wealth management products, not from a strong economy like it did in 2010.

"China's economy continues to stay weak at the start of this year, with the manufacturing sector and the property sector under great pressure," Lian said.

The component indices showed Chinese household's confidence in the economy lost 1 point to 119 in January, while their willingness to invest rose 2 points to 117. People also reported higher income last month, with the index of proceeds increasing from 150 to 154.

Among various investments, people favored in particular the stock market, whose shares surged more than 50 percent last year to become a global star performer. At the same time, securities and wealth management product offered by Alipay were also in demand, the survey showed.

It also found people remained reluctant to buy properties despite of the loosened restrictions on the purchase of home. The index measuring the willingness to buy real estate stayed at 98 in January, the same as that in November.

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