Lowest business mood in over 6 years
Print Edition
BUSINESS conditions fell in April for the fourth consecutive month to the lowest level in over six years as new orders and production slowed, according to a latest study.
The MNI China Business Sentiment Indicator, a gauge of current business sentiment, deteriorated to 48.8 in April, the worst since the start of 2009, Market News International, a unit of Deutsche Boerse Group, said in a report yesterday. The reading is also the first time that confidence has sunk below 50 since the financial crisis. The indicator stood at 52.2 in March.
The monthly poll covers about 200 executives from Shanghai and Shenzhen-listed manufacturing and service companies.
“The respondents have a general somber outlook for growth in the short-term and the stimulus actions taken by the authorities will take time to come through,” said Philip Uglow, chief economist of the MNI Indicator, adding: “The good news is that so far there are few signs the authorities are abandoning the reform agenda.”
Firms remained relatively more upbeat about the future, with the Future Expectations Indicator holding above the current measure.
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