China's business confidence fell to its lowest since January 2013, a survey by World Economics showed today.
The index fell to 48.1 in December from 51.8 in November, according to the World Economics' survey of sales managers at over 2,300 companies which was conducted December 1-16.The survey results were among the first indicators of how business sentiment has taken a hit in the world's second-biggest economy, after the sharp relaxation of strict Covid containment measures on December 7 triggered a still-growing wave of domestic Covid cases across China.
"The percentage of companies that claim to be currently negatively impacted by COVID has risen to a survey high, with more than half of all respondents now suggesting their operations are being harmed in one way or another," the London-based data provider said. The top leaders and policymakers will focus on stabilising the economy in 2023 and step up policy adjustments to ensure key targets are hit, according to an agenda-setting meeting ended on Friday.