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Survey sees less confidence
By Emily Ford |
February 29, 2012, Wednesday
|
Print Edition
Print Edition
MANAGERS at North European companies operating on the Chinese mainland feel distinctly less confident about their business prospects in the country and are worried about a fall in demand for their products, a leading survey has shown.
The China Financial Index, a twice-yearly poll of 50 Nordic and German companies compiled by Sweden's SEB Bank, fell to 61 in February, down from 63.4 in September, amid an uncertain global economy and slowing Chinese growth and manufacturing data. A reading of over 50 indicates a positive response, while anything below 50 is negative.
It is the second time in a row that the index has fallen, after reaching a peak of 70 in March last year. However, more than half of the respondents still say they expect business conditions in China to be favorable in the next six months while only one in 10 is pessimistic about market prospects, the bank said yesterday. But 36 percent of companies and, in particular industrial companies, said their biggest concern was of a fall in customer demand for their products due to a dip in investment.
Fredrik Hahnel, the general manager of SEB Bank in Shanghai and author of the report, said: "I don't see this as a serious signal - more a reflection of the uncertain economic climate," adding that the bank did not forecast the feared "hard landing," the specter of which was raised last year.
China's economy grew by 9.3 percent last year, according to official data. However growth has fallen in recent quarters. SEB expects the economy to grow by 8.7 percent this year.
The China Financial Index, a twice-yearly poll of 50 Nordic and German companies compiled by Sweden's SEB Bank, fell to 61 in February, down from 63.4 in September, amid an uncertain global economy and slowing Chinese growth and manufacturing data. A reading of over 50 indicates a positive response, while anything below 50 is negative.
It is the second time in a row that the index has fallen, after reaching a peak of 70 in March last year. However, more than half of the respondents still say they expect business conditions in China to be favorable in the next six months while only one in 10 is pessimistic about market prospects, the bank said yesterday. But 36 percent of companies and, in particular industrial companies, said their biggest concern was of a fall in customer demand for their products due to a dip in investment.
Fredrik Hahnel, the general manager of SEB Bank in Shanghai and author of the report, said: "I don't see this as a serious signal - more a reflection of the uncertain economic climate," adding that the bank did not forecast the feared "hard landing," the specter of which was raised last year.
China's economy grew by 9.3 percent last year, according to official data. However growth has fallen in recent quarters. SEB expects the economy to grow by 8.7 percent this year.
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