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Harsh conditions depress SMEs’ morale
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CONFIDENCE among China’s small and medium-sized enterprises fell in August as overall conditions continued to be difficult for them, Standard Chartered Bank said in a report yesterday.
The monthly SME confidence index compiled by the bank dipped to 58.7 last month from 59 in July, which suggests that overall conditions remained difficult for smaller firms, Standard Chartered said.
“Despite the slight drop in the index, we are comfortable the reading remained above the 50 threshold, which means the conditions are still OK, but difficult,” David Mann, managing director and head of macro research for Asia at Standard Chartered Bank, said in Shanghai yesterday.
“The results suggest the government needs to launch more measures to stabilize the economy, revive confidence in the market, and continue to liberalize financial markets to increase competition and efficiency,” he said.
The production sub-index fell to 61 in August from 66 in July. Meanwhile, credit conditions also deteriorated as the credit sub-index fell from 56 to 53.5. Financing costs for SMEs remained high, said the report, which was based on a survey of over 600 SMEs in China.
But the three-month outlook index rose from 60 to 67, which suggests business may improve in the fourth quarter.
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