Statistics

    China's corporate performance stalls

    By Chen Jia (China Daily)
    Updated: 2011-04-09 10:01
    Large Medium Small

    A decline in the Business Climate Index signals concerns over policy

    BEIJING - China's Business Climate Index, a main gauge of corporate performance, declined to 133.8 in the first quarter of this year, from a three-year high of 138 in the last quarter of 2010, the National Bureau of Statistics (NBS) said on Friday. The retreat signals increasing concerns about the country's monetary tightening policy and interest rate rises.

    While the index declined by 4.2 points from the fourth quarter of 2010, based on a survey of 20,000 Chinese companies, it still showed signs of economic expansion, said a statement on the NBS website.

    Related readings:
    China's corporate performance stalls China's entrepreneur confidence index slightly up in Q1
    China's corporate performance stalls China to implement prudent monetary policy in 2011
    China's corporate performance stalls China's NBS sees 4% inflation in 2011
    China's corporate performance stalls Another interest rate hike 'to fight inflation'

    The business climate index is a major measure reflecting the macroeconomic outlook and the trend of future developments. A reading above 100 indicates economic expansion, while one below 100 suggests contraction.

    The increasing cost of borrowing may slow the pace of economic growth, and increase pressure on Chinese companies, a separate report from HSBC Holdings Plc said on Friday.

    The NBS sub-index for the real estate industry decreased the most among all surveyed sectors to 135.3 in the first three months, from 148.4 in the fourth quarter of last year, according to the statement.

    "Annual reports from some listed real estate companies already indicated tight cash flows because of restrictions on home purchases and the rising cost of borrowing," said Wang Ren, chief strategy analyst at Ping An Securities Company Ltd.

    China's corporate performance stalls

    After a marked decline in property sales during March, some of the capital currently invested in the real estate sector may move to the stock markets in the next few months, said Wang.

    According to the NBS figure, the sub-index for small companies fell to 114.1, 2 points lower than in the last three months of 2010. The measure for medium-sized companies was 133.5, and 157.2 for large businesses.

    Nine consecutive rises in the required reserve ratios for banks since the start of 2010 mean that companies are finding it increasingly difficult to borrow money from banks, especially small- and medium-sized operators, said Li Xunlei, chief economist at Guotai Junan Securities Co Ltd.

    "Small- and medium-sized enterprises will be affected the most by the tight monetary policy," Li said.

    China's central bank raised the benchmark one-year leading rate by a quarter of a percentage point to 6.31 percent, and lifted the deposit rate to 3.25 percent on Tuesday - the fourth increase in interest rates in less than six months - to tame inflation and curb asset bubbles.

    Guotai Junan's Li said that there may be one more interest rate hike sometime in the first half of the year, but the required reserve ratios are already so high they will probably remain unchanged.

    The business climate sub-index for the retail sector came in at 153.2, a rise of 3.6 points from the last reading, the highest among all industries. In the IT sector, the measure decreased to 150.4 in the first quarter from the previous figure of 159.7.

    Another business performance indicator, the Index of Entrepreneur Confidence, was also released by the NBS on Friday. The figure for the first quarter was 137.4, unchanged from the last three months of 2010.

    Entrepreneur confidence dropped the most in the real estate industry to 112.3, but rose in the retail and social services sectors, said the NBS.

    分享按鈕
    中文无码字慕在线观看| 人妻丰满AV无码久久不卡| 国产乱人伦Av在线无码| 狠狠躁天天躁无码中文字幕图 | 最近高清中文字幕无吗免费看| 国产成人无码一二三区视频| 亚洲综合中文字幕无线码| 男人的天堂无码动漫AV| 寂寞少妇做spa按摩无码| 亚洲一区中文字幕久久| 蜜臀av无码人妻精品| 日韩国产精品无码一区二区三区 | 红桃AV一区二区三区在线无码AV| 亚洲中文字幕久久精品无码喷水| AV无码久久久久不卡蜜桃| 亚洲日韩国产二区无码| 亚洲AV无码一区二区三区牛牛| 久久亚洲精精品中文字幕| 中文无码熟妇人妻AV在线| Aⅴ精品无码无卡在线观看| 秋霞鲁丝片Av无码少妇| 亚洲av日韩av无码黑人| 亚洲一区精品无码| 最近中文字幕大全2019| 人妻精品久久久久中文字幕 | 免费看无码特级毛片| 亚洲天堂中文字幕| 最近免费最新高清中文字幕韩国| 日韩乱码人妻无码系列中文字幕| 亚洲AV中文无码乱人伦| 无码精品人妻一区二区三区影院 | 中文字幕人妻色偷偷久久| 毛片无码全部免费| 亚洲一级特黄无码片| 中文字幕无码高清晰| 天堂在线最新版资源www中文| 在线看福利中文影院| 免费在线中文日本| 佐佐木明希一区二区中文字幕| 合区精品久久久中文字幕一区 | 亚洲精品无码AV人在线播放|