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Chinese business confidence at lowest in almost a decade, survey shows

By Reuters   December 18, 2022 | 06:55 pm PT
Chinese business confidence at lowest in almost a decade, survey shows
A view of the city skyline in Shanghai, China February 24, 2022. Picture taken February 24, 2022. Photo by Reuters/Aly Song
China's business confidence hit its lowest since at least January 2013, a survey by World Economics showed on Monday, reflecting the impact of surging COVID-19 cases on economic activity and hinting at possible recession next year.

The index fell to 48.1 in December from 51.8 in November, showed World Economics' survey of sales managers at over 2,300 companies conducted Dec. 1-16. The index was the lowest since the survey began.

"The survey suggests strongly that the growth rate of the Chinese economy has slowed quite dramatically, and may be heading for recession in 2023," said World Economics.

The world's second-biggest economy after the United States is facing a surge in COVID-19 infections following the abrupt relaxation of strict containment measures, hitting businesses and consumers alike, while a weakening global economy is hurting Chinese exports.

 
 
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