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Sentiment souring on prospects for Chinese business in future
Zone(s): China ¦ Sector(s): Economy, Consumers
[26 June 2014, CITY A.M.] By Michael Bird: Chinese consumers are more pessimistic about the country’s economic future than at any time since at least 2007, according to a survey released yesterday. The MNI Indicators and Westpac index of Chinese consumer confidence overall fell to the lowest level in just under a year.
The expectations part of the measure dropped to 126.4, the lowest that MNI have ever recorded – though still above the neutral 100 level, indicating more optimism than pessimism. “While some indicators point to a stabilisation in economic growth, consumers don’t see it lasting for long, with future expectations for business conditions hitting a record low,” said MNI chief economist Philip Uglow.