Chinese Consumer Expectations Drop in July

China's Index of Consumer Expectations (ICE) dropped by a marginal 0.9 points on a monthly basis to 93.2 points in July, following consecutive rises in the previous two months.

According to the National Bureau of Statistics (NBS), the Index of Consumer Sentiment (ICS) dipped by 0.8 points to 88.6 points in July.

The Index of Current Economic Conditions (ICC) also dropped by 0.9 points from June to 91.3 points in July.

The ICE, ICS, and ICC are used internationally as indicators of economic conditions and consumer confidence.

According to the NBS, 43.1 percent of consumers were confident that the economy will grow steadily in the next five years in July, a decrease of 1.5 percentage points from June.

The proportion of consumers who are optimistic about their economic well-being for the near future grew by 5.4 percentage points in July, on a monthly basis. On the other hand, the proportion of those who are less optimistic also increased by 5.7 percentage points.

A NBS official said that the decline in consumer confidence is due to a consolidation of the stock market after surges in May and June, as well as consumer concerns over housing reform and social security.