Chinese household confidence took a beating from China's weak stock market and measures to curb the property market, a survey revealed yesterday.
The China Wealth Index, compiled every two months by the Bank of Communications and research firm Nielsen, fell to 135 in May from March's 138, which was the second highest on record.
A reading above 100 reflects optimism among over 1,800 households interviewed.
A sub-index measuring people's willingness to invest in wealth-management products, securities, insurance and precious metals, fell 5 points to 135.
Their willingness to invest in fixed assets also shed 2 points to 110.
The survey blamed the fall in investment intentions to the decline of the stock market in April and May, when nearly 2,000 shares fell to their lowest since January 2016.
The expansion in home purchase curbs and the government's decision in May to mull a property tax hurt households' interest in investing in fixed assets.