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September 26, 2009

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Surveys highlight recovering economy

CHINA'S recovering economy has spurred domestic manufacturers to accelerate production and residents to invest more money in the stock market.

New orders are on the increase despite concerns over credit and prices, Market News International said in its business sentiment survey yesterday.

The index for business conditions rose to 60.47 from 56.8 in August, which was just under the peak of 61.51 posted in April this year but well above 35.2 of last December, the survey said.

An index figure above 50 indicates that business activity is growing or improving while a figure below 50 means that it is shrinking.

The survey of listed companies suggests companies are beefing up operations but at a pace that suggests they are still wary of a reversal.

In separate surveys by China's central bank, both individuals and lenders have regained confidence backed by the recovering economy in the third quarter.

The number of families in China preferring investments to savings rose for three consecutive quarters after the benchmark stock index gained about 57 percent this year, the People's Bank of China said in a survey that covered households in 50 cities.

About 41.6 percent of respondents said they were willing to invest rather than save money in banks, compared to 29.1 percent last year.

The bank's macro economy confidence index was 55.4 percent in the quarter, up 15.4 percentage points from the second quarter.

About 55.9 percent of lenders predicted monetary policy would stay unchanged in the fourth quarter.


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