19 December 2022 | Other

Chinese business confidence dropped to its lowest level in a decade

A World Economics survey shows the influence of the rising number of COVID-19 cases on economic activity. According to its results, China's business confidence indicator fell to its lowest level since January 2013.

Surveying sales managers from more than 2,300 companies, the figure was 51.8 in November, and it dropped to 48.1 in December. Similar surveys have been conducted since 2013. This time the figure was the lowest since the first survey started.

The new wave of infections across China was the consequence of a dramatic weakening of COVID containment measures. The survey results were one of the first indicators of negative business conditions.

The World Economics report said that the Chinese economy is slowing down quite sharply, according to the survey results.

This year, GDP growth in China is expected to be 3%, which is the worst figure in almost 50 years.

Stabilizing the economy in 2023 will be a major focus for China's top leaders. Also, politicians will activate the correction of measures against COVID to provide conditions for achieving key GDP growth targets.

Company MarketCheese
Period: 21.03.2025 Expectation: 1400 pips
GBPUSD is poised for a pullback towards the trend line
Yesterday at 11:02 AM 62
AntonVolkov
AntonVolkov

Listed among the best MarketCheese authors
2nd in the segment "Metals"
Period: 26.03.2025 Expectation: 670 pips
Brent prices may rebound amid trade instability
Yesterday at 09:54 AM 55
Alexandra_Belova
Alexandra_Belova

Listed among the best MarketCheese authors
1st in the segments "Currencies", "Crypto" and "Oil and gas"
Period: 31.12.2025 Expectation: 1000 pips
Buying Brent in case of price reduction to $60–65 per barrel
Yesterday at 08:48 AM 28
Period: 21.03.2025 Expectation: 544 pips
AUDCAD may rise to 0.91242 due to worsening situation in Canada
Yesterday at 08:32 AM 18
Period: 18.03.2025 Expectation: 2640 pips
Buying USDJPY within descending channel targets of 150.10
13 March 2025 97
Elena_Dorokhina
Elena_Dorokhina

Listed among the best MarketCheese authors
1st in the segments "Indices" and "Metals"
2nd in the segments "Currencies" and "Oil and gas"
Period: 20.03.2025 Expectation: 494 pips
Gas prices fall amid warm weather forecasts
13 March 2025 45
Go to forecasts