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Business confidence in China weakened during the month of August, compared to that during July, after remaining stable in the past couple of months, clouding investors’ outlook on the world’s second largest economy. The MNI China business sentiment indicator provides a snapshot of current conditions and future expectations for the Chinese economy through the lens of business executives.
The MNI Deutsche Borse Group business sentiment indicator declined 1.2 points to 54.3 in August on a scale where a reading above 50 points to expansion in economic activity. The indicator rose one point to 55.5 last month. Business confidence broadly improved during the summer after hovering around neutral territory for much of the year.
Further, the recent basket of China’s economic indicators pointed towards a significant downtrend in the economy, with imports plunging in July, highlighting the extent of slowing domestic demand. Industrial production, fixed-asset investment and retail sales also slowed sharply last month, all clear signs that the economy was losing momentum at the start of the third quarter.
Despite the latest slowdown across key economic indicators, analysts have cautiously raised their outlook on the Chinese economy as Beijing continues to pursue its aggressive growth strategy aimed at doubling the country’s GDP between 2010 and 2020.
Meanwhile, new policy measures that support investment, while safeguarding against structural imbalances are seen as necessary for Beijing to achieve its vision of developing into a consumer-driven economy. Also, the country’s Conference Board is set to release its leading economic index covering economic activity across the country.
