SEB's China Financial Index: Upward trend in China - North European
companies bullish on increased p
(Thomson Reuters ONE) - Top management at North European Subsidiaries in China have becomemuch more positive about market prospects than in our last survey inMarch. Respondents see a clear turn-around in sales on the Chinesemarket and are planning to recruit more staff. An absolute majorityalso foresee growing profits in China in the coming six months.SEB's China Financial Index, addressed to around 50 subsidiaries ofthe largest Nordic and German companies, shows that local managementin China are becoming increasingly confident that the Chinese economyhas bottomed out and expect growth to accelerate in the short term.The index for September reached 62, up from 53 in March."China's massive stimulus package is having an obvious impact onbusiness prospects for Swedish and other north European companies inSweden. Regardless if one believes in Chinese official statistics ornot, companies are obviously seeing a considerably stronger businessclimate and increased profits", says Fredrik Hähnel, Client Executiveat SEB Shanghai and author of the report. "Exports from China to theUS- and European markets are down for most of the companies, but thedomestic market has proven more resilient", says Hähnel.China is also gaining importance relative to other markets."China's economy grew by 7.9 percent in the third quarter and feweconomists believe that China will not reach its goal of 8 percentgrowth for the full year, while other major markets are expected tohave negative growth for the full year", says Hähnel.The survey also shows that no company is planning to scale downeither by divesting or decreasing staff in China. On the contrary,half of the companies are already planning further recruitments.There is a slight decrease in investment plans since the last surveyhowever."Investment decisions are taken at headquarters where sentiment isless positive than locally in China. Many companies are still in a'wait and see' mode, and there is probably a lag before improvedmarket sentiments in China also lead to an upturn in investments.Should the positive movements in China remain we are likely to seeincreased investments during 2009", Hähnel concludes.This is the second publication of SEB's China Financial Index, aunique semi-annual survey with the purpose to reflect changes ofsentiment in among large Nordic and German companies in China, and tofacilitate of economic and financial trends in the market. The surveycomprises a total of 11 questions covering areas such as businessclimate, profit expectations, investment plans and views ofcurrencies and interest rates. The full report is available at:www.sebgroup.compress._____________________________________________For further information, please contact:Fredrik Hähnel, Client Responsible, SEB in China, +86 138 1680 99 77Press contact: Elisabeth Lennhede, +46 70 763 99 16,Elisabeth.lennhede(at)seb.sehttp://hugin.info/1208/R/1342826/321552.pdfhttp://hugin.info/1208/R/1342826/321553.pdfhttp://hugin.info/1208/R/1342826/321554.jpgThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 23.09.2009 - 08:01 Uhr
Sprache: Deutsch
News-ID 6101
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companies bullish on increased p"
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