Stock market slide takes toll on confidence
Print Edition
HOUSEHOLD sentiment weakened in January due to the country’s poor economic performance and volatile stock market, a survey claimed yesterday.
The China Wealth Index, which is produced every two months by Bank of Communications and research firm Nielsen, fell three points from November to 119.
A reading above 100 reflects household optimism.
“The volatile stock market caused frustration among people,” said Lian Ping, BoCom’s chief economist.
“Meanwhile, the broader economy remained weak, though didn’t deteriorate any further,” he said.
The component indexes showed that people’s confidence in the broader economy was unchanged at 109, while the household income gauge fell 5 points to 132, and willingness to invest lost 3 points to 111.
“People’s confidence was shaken due to their stock market losses, but employment and other investment income remained stable,” Lian said.
China’s stock market made a dramatic start to the year, with the circuit breaker system introduced to help prevent major swings withdrawn after it failed to produce the desired results. Also, the benchmark Shanghai Composite Index once again dipped under the psychologically important 3,000-point mark this month.
Another index that measures people’s willingness to buy property fell two points in the latest poll to 103.
China’s economy rose 6.9 percent year on year in 2015, its slowest rate for a quarter of a century.
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