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Chinese suffer confidence drop

China’s consumer confidence index declined to 152.3 in September, down 1.9 points from the previous reading, says ANZ-Roy Morgan.

However this was the second consecutive month that sentiments have remained above the average level in the first half of 2014.

The sentiment for current financial situation dropped 3.5 points, while the financial outlook for next year rose 1.3 points. Meanwhile, the confidence of economic conditions next year moderated by 1.9 points in September, after surging in the previous month. Confidence for longer term economic conditions also moderated, it says.

Consumer confidence in Shanghai gained 1.9 points, while that in Beijing and Guangzhou declined 4.8 points and 2.1 points, respectively.

“The September survey results suggest that the consumer confidence in China has held up after a strong rebound in August. This is also the second consecutive month sentiments have remained above the average level in the first half of 2014. It reflected that the job market is still resilient albeit the economy slows,” said ANZ’S China economist Hao Zhou.

“However, retail sales in China continued to trend lower in recent months, and August’s retail sales growth came in below expectations, as the central government’s anti-corruption and anti-extravagance efforts continued to weigh on retail sales. Nonetheless, we believe the government’s efforts will bring about long-term benefit at the expense of short-term slowdown on the consumption.”

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