Chinese biz confidence drops to lowest since Jan 2013: World Economics

22 Dec '22

2 min read

Pic: Shutterstock

China's business confidence dropped to its lowest since January 2013, said a recent survey by World Economics. The index related to the same fell to 48.1 in December from 51.8 in November, it showed. "The survey suggests strongly that the growth rate of the Chinese economy has slowed quite dramatically, and may be heading for recession in 2023," World Economics said.

Business activity fell sharply in December with the sales managers indexes in manufacturing and service sectors both below the 50 level, the survey showed.

"The percentage of companies that claim to be currently negatively impacted by COVID has risen to a survey high, with more than half of all respondents now suggesting their operations are being harmed in one way or another," the London-based data analytics company was quoted as saying by a global newswire.

Its survey, conducted from December 1 to 16, covered sales managers at over 2,300 companies.

The survey results were among the first indicators of how business sentiment has taken a hit in the world's second-biggest economy, after the sharp relaxation of strict COVID containment measures on Dec 7 triggered a still-growing wave of domestic COVID cases across China.

China's GDP is expected to grow just 3 per cent this year, its worst performance in nearly half a century.

ALCHEMPro News Desk (DS)

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