Business confidence in China continues to accelerate in the third quarter, said the central bank. The study of People’s Bank of China showed that the index of business confidence has picked up to 51.2% in the third quarter. This is 2.2 percentage points higher, that the result in the second quarter.
The industrial production and retail sales reported faster growth than expected in August amid strong housing market and government spending on infrastructure. The second largest economy in the world lost some of its momentum this year after having entered a period of adjustment.
China is trying to transform its economy from factories and exports to domestic consumption.
The International Monetary Fund (IMF) expects the gross domestic product (GDP) of China to grow by 6.6% this year, which is almost the lower limit of the official forecast the country’s growth between 6.5% and 7%.
Meanwhile, a separate study of the central bank showed that the index of confidence among bankers are accelerated to 46.5% in the third quarter, 2.8% faster than between April and June.
The survey also showed that one in five bankers believe that monetary policy will be relatively loose in the fourth quarter of this year. People’s Bank of China cut interest rates six times in the last 22 months and lowered the volume of cash reserves of banks. A third study of the central bank of the weekend showed that 53.7% of households believe that housing costs are “unacceptably high”, which is 0.3 percentage points more than the second quarter.
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