Sentiment souring on prospects for Chinese business in future

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.