MNI BRIEF: China Slowdown Tops Concerns Of European Firms
European firms have increased pessimism over China's economic conditions, a business confidence report from the European Chamber of Commerce said on Friday.
A total of 55% of members ranked the country's economy woes as a top-three concern, up 19 pp y/y, the report showed.
Introducing the paper, Jens Eskelund, president of the chamber said the report results were "lower than expected," despite 45% of members saying market access had increased, up 9 pp y/y.
"Firms previously on the fence are now adjusting business plans to suit lower expectations," Eskelund added.
The report showed 36% of firms saw overcapacity in their sector, with 30% believing the opposite.
China’s trade should recover to pre-pandemic trends of single digit growth in 2024 driven by export demand for new manufactured goods, following flat results last year and despite western “overcapacity” accusations, a senior policy advisor to the National Development and Reform Commission told MNI. (See MNI INTERVIEW: China Exports To Grow In 2024 - Advisor)