Stocks rally, higher income lift morale
Print Edition
THE recent stock market rally and higher income helped bolster people’s sentiment in the past two months, but their confidence in the economy weakened, a survey showed yesterday.
The China Wealth Index, compiled by the Bank of Communications and Nielsen every two months, landed at 132 in January — the highest since 2010. The index also gained from 130 in November.
A reading above 100 reflects optimism among the 1,849 households being tracked.
Lian Ping, chief economist at BoCom, said people’s confidence was strengthened by the surprisingly good stock market performance and better returns of some wealth-management products.
“China’s economy continues to stay weak at the start of this year, with the manufacturing sector and the property sector under great pressure,” Lian said.
The component indices showed Chinese household’s confidence in the economy lost 1 point to 119 in January, while their willingness to invest rose 2 points to 117. People also reported higher income last month, with the index of income rising from 150 to 154.
Among various investment vehicles, people favored the stock market, whose shares surged more than 50 percent last year to become a global star performer. At the same time, wealth-management products offered by Alipay were also in demand, the survey showed.
But people remained reluctant to buy properties. The index measuring the willingness to buy real estate stayed at 98 in January, the same reading as in November.
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