BEIJING: Business confidence on the mainland has slumped to its lowest level in more than six years, an indication of the toll the recent stock market rout has taken on the world’s second-biggest economy despite better-than-expected economic growth.
The MNI China Business Sentiment gauge of current business conditions sank to 48.8 this month from 53.3 in June, MNI Indicators, which is owned by Deutsche Boerse, said on Wednesday. It was the lowest reading since January 2009.
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The woes of the stock market over the past month may well have dented confidence. Although at present it is difficult to gauge the impactECONOMIST, PHILIP UGLOW
The MNI figure, based on a monthly poll of mainland business executives, is the latest indicator suggesting the mainland economy is feeling the pain brought by the US$3.9 trillion stock market unwind that started in mid-June.
