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China business confidence rises to highest since Oct 2011, survey shows
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CHINA’S business confidence rose for the fourth consecutive month in August to the highest level in almost three years, supported by gains in production and new orders, a private report showed today.
The monthly measure of business conditions increased to 59 in August from 58.2 in July, the highest reading since October 2011, financial news company Market News International (MNI), a unit of Deutsche Boerse Group, said in a report today.
However, there is growing pessimism in the market that the recent improvement in growth supported by government measures could be shortlived.
“A fourth consecutive increase in overall business sentiment along with an acceleration in output and orders shows that our panel of listed companies are seeing directly the benefits of the government’s fine-tuning measures,” Philip Uglow, chief economist of MNI Indicators, said.
“Latest official economic numbers have painted a mixed picture, although our survey data suggests one shouldn’t write off the Chinese authorities’ ability to achieve their economic goals.”
The production sub-index increased to 65.5 in August from 58.4 in July, the highest reading in three years. Meanwhile new orders indicator rose for the fourth consecutive month to the heist since January 2012.
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