Consumer sentiment in China eased in April after a sharp improvement in the previous month, although the buoyant outlook for spending suggested some stability in the world's second-largest economy, a private survey showed Wednesday.
The Westpac MNI China Consumer Sentiment Indicator fell to 117.8 in April from 118.1 in March, Westpac said in a statement. Separately, official data showed an improvement in China's industrial profits.
The decline was largely due to a fall in expectations of business conditions in a year's time to 119.3 in April from 122.8 in March, the survey showed. Consumers were also less confident about the outlook for their personal finances.
More encouragingly, respondents were more optimistic about their existing personal financial situation, with the Current Personal Finances Indicator climbing to 110.3 in April, a 1.1 percent increase from the previous month and marking the highest reading since May 2014, Westpac said in the statement.
Both the Shopping and Dining Out Expenditure Indicators increased to the highest since July and February 2014 respectively.