Wealthy families see bright future ahead

China’s wealthy families are optimistic over the prospects for the economy, the Bank of Communications said in a report Monday.

The bimonthly Climate Index of China’s Wealth came in flat from two months ago at 141 points in September, according to BoCom.

A reading above 100 indicates growth in wealth, while that below 100 depicts deterioration.

The survey covered 1,824 well-off families in Beijing, Shanghai, Shenzhen, Guangzhou, Chengdu and 21 other major cities.

The definition of well-off varies by location. In Beijing and Shanghai it means an after-tax income of more than 240,000 yuan (US$34,693) a year, over 180,000 yuan in Guangzhou, Shenzhen, Nanjing and Tianjin, and above 170,000 yuan in Hangzhou.

The economic climate sub-index edged up 1 percentage point to 141, while that for income growth and the investment intention sub-indexes both remained unchanged from July, at 155 and 126.

The wealth climate index indicated that well-off families are optimistic about the future of the Chinese economy.

This comes despite recent challenges such as weak domestic and external demand and rising prices, BoCom said.

“This also implies that the economic structure is optimized, and the quality and efficiency of the development has been improved,” the report said.