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Weaker economic numbers dent business confidence
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China’s business conditions worsened this month, following weaker economic data, reports of company defaults and policy announcements about only modest economic stimulus measures, a private report showed.
The monthly measure of China’s business confidence fell to 51.1 in April from a three-month high of 53.4 in March, Market News International, a unit of Deutsche Boerse Group, said in a report today.
“Our survey shows business activity has weakened with new orders at a five-year low, adding evidence that the Chinese economy is cooling down with overcapacity remaining a major threat to growth," said Philip Uglow, chief economist for MNI Indicators.
China’s GDP slowed to 7.4 percent in the first three months from a year earlier amid credit curbs, the National Bureau of Statistics said today.
According to MNI, companies continued to report they were being hurt by the exchange rate in April, however, the negative impact softened for the second straight month. The recent depreciation of the yuan appears to have improved sentiment among exporters.
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