Chinese households stay optimistic amid soft GDP
Print Edition
THE confidence of Chinese households continued to be strong despite China’s economy softening, a survey showed yesterday.
The China Wealth Index, compiled by the Bank of Communications and Nielsen to gauge sentiment among Chinese households, remained flat at 130 in April, a similar reading to that in January but it was up from 127 in November of last year. A reading above 100 reflects optimism.
The component indices showed that the households’ confidence in the economy stayed at 131, and their willingness to invest was also flat at 117.
“It is a bit surprising that people remained confident albeit China’s weak economic performance in the past quarter,” said Lian Ping, chief economist at BoCom. “The government’s strong signal of reform at the start of the year may have supported people’s continued optimism.”
But the index measuring peopleÕs willingness to buy homes shed 2 points from January to 102 in April, the survey showed.
ChinaÕs economy softened in the past quarter as growth eased in industrial production, fixed-asset investment and retail sales.
Wang Tao, an economist at UBS, said economic growth may have eased to 7.4 percent in the first quarter of this year, below the countryÕs target of 7.5 percent for 2014.
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