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June 13, 2018

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Wealthy families upbeat on economic view

CHINA’S wealthy families are optimistic over the prospects for the Chinese economy amid steady economic growth, the Bank of Communications said in report yesterday.

The bimonthly Climate Index of China’s Wealth edged up one point from two months ago to 141 points in May, according to BoCom. A reading above 100 indicates growth in wealth, while that below 100 depicts deterioration.

The economic climate sub-index added 1 percentage point to 141, and that for income growth rose by 2 percentage points to 156. The investment intention sub-index was flat from March.

Interestingly, the growth of the economic climate sub-index indicated that well-off families are optimistic about the future of the Chinese economy, with indicators of employment situation up two points and investment income rising three points, BoCom said.

China’s economy grew steadily in the first four months of this year, as value-added industrial output jumped 6.9 percent year on year with total profit up 15 percent from a year earlier, 3.4 percentage points faster than the pace of the first quarter.

The country’s southern areas posted the biggest rise in the Climate Index of China’s Wealth and the sub-index for economic climate.

BoCom attributed the growth to the development of the Hainan free trade zone, lower taxes in Haikou, and increases in both the number of purchasers and the total contract value at the China Import and Export Fair held in Guangzhou.

The investment intention sub-index was flat, with intention to invest in current assets and real estate offsetting each other.

The Shanghai Composite Index, the US dollar index, the yield on US treasuries and commodity prices all rose during the data collecting period of the research in May. Their gains encouraged well-off families to invest in current assets, offsetting the drop in their investment intention for real estate amid stricter regulatory policies, the report said.

The survey covered 1,816 well-off families with an annual after-tax income above 120,000 yuan (US$18,700)in Beijing, Shanghai, Guangzhou and Shenzhen, those with an income above 100,000 yuan in Chengdu and others with income of over 80,000 yuan in 21 other major cities.


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