1st fall in wealth index in one year
Print Edition
CHINA’S recent economic weakness has hurt people’s confidence and caused a wealth index to fall for the first time in nearly one year, a survey showed yesterday.
The China Wealth Index, compiled by the Bank of Communications and Nielsen every two months, fell from 132 in January to 128 in March to record the first retreat since May 2014.
A reading above 100 still reflects optimism among the 1,877 households that were tracked.
Lian Ping, chief economist at BoCom, said people’s confidence may strengthen in the coming months after easing policies filter through the economy.
“The supportive policies, especially the relaxation on real estate restrictions, will help improve people’s sentiment in the economy and in purchasing fixed assets,” Lian said.
China’s economy started off weakly at the beginning of this year, with gross domestic product set to fall short of the target of around 7 percent in the first three months.
When the survey was conducted during mid-March, the government had not unveiled the easing measures on the property sector and the stock market was still adjusting.
“People may feel more optimistic now thanks to the policies and the huge rally by shares in recent days,” Lian said.
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