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Chinese business confidence drops to 5-month low, report says
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CHINESE business sentiment fell significantly to a five-month low in September following an eight-month high in August, as the impact of stimulus measures waned and companies re-assessed the outlook for the future, a private report said.
The monthly measure of business conditions fell to 52.2 this month from a revised 57.3 in August, led by a decline in confidence among manufacturers, financial news company Market News International (MNI), a unit of Deutsche Boerse Group, said in a report yesterday.
The sub-index of short-term outlook by the surveyed companies dropped even sharper from 61.8 in August to 53.4 this month.
“Last month we commented that companies were feeling the benefit of the fine tuning measures put in place by the authorities in recent months. This month, firms seemingly underwent a reality check with sentiment falling to the lowest since April,” Philip Uglow, chief economist of MNI Indicators, said.
“While it would be prudent to see the October figures before drawing too many conclusions, the survey raises questions about whether the concerted effort to support the economy has sufficient momentum to keep growth in line with the government’s 2014 forecast of 7.5 percent. Certainly the deflationary pressures evident in the survey give the central bank wiggle room should it decide to loosen monetary policy further.”
Credit conditions worsened in September, with the availability of credit sub-index slipping back below the benchmark 50 level to the lowest since February.
The results are based on the surveys of 200 companies listed on either the Shanghai or Shenzhen stock exchanges with a mix of manufacturing and service sector.
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