Chinese households upbeat about economic outlook: index

Chinese households in July had more confidence in their finances and the country's economy, according to a wealth climate index released by the Bank of Communications (BOCOM) Monday.

The bimonthly Climate Index of China's Wealth rose to 137 in July from 133 in May. Readings above 100 indicate growth in wealth, while readings below 100 represent deterioration.

The survey solicits the opinions of well-off Chinese households on three indices: the economy, income and investment.

BOCOM attributes the greater optimism to a steady economy and stability in job and financial markets.

Among all regions, the wealth climate index for households in Beijing, Shanghai and Shenzhen posted the biggest increases, supported by growth in high-tech industries and the property market.

The three sub-indices all increased, with the one for the economy climbing to 129 from 120 in May, extending its rising streak since the beginning of the year.

The sub-index for income growth rose to 152 from 147, while that for investment willingness rose to 127 from 125.

The report surveyed nearly 1,850 families with annual after-tax incomes above 100,000 yuan (around 15,750 U.S. dollars) in five major metropolises, including Beijing and Shanghai, as well those with incomes over 80,000 yuan in another 21 major cities.

China's economy grew 6.7 percent year on year in the second quarter of 2016, slightly faster than expectations.

Industrial output grew 6.2 percent year on year in June, increasing from 6 percent in May. The official unemployment rate in 31 major cities remained stable at around 5 percent in May. Endi