MNI Final China Biz Survey: Jun Conditions 57.76 Vs May 61.22

BEIJING (MNI) - Tight credit, price pressures and increased competition continued to impact Chinese business conditions in June with the results of the Market News International China Business Sentiment Survey showing key indexes hitting their lowest levels in more than 18 months.

The final survey results showed the overall current conditions index sliding to 57.76 in June from 61.22 in May and 69.28 in April. The index was at 63.51 in May last year and hasn't been lower than June's result since December of 2009.

The final May result for the current conditions index was slightly worse than the 58.33 reading in the preliminary flash result published a week ago.

Expectations of overall conditions in three months fell to 57.14 from 63.27 in May and 69.93 in April, according to the final survey results.

An index figure above 50 indicates that business activity is growing or improving, a figure below 50 that it is shrinking or deteriorating. The further the figure above or below 50, the faster the growth or contraction in business activity (see accompanying story for more on methodology).

The MNI survey of Chinese listed (and therefore mostly government-linked) companies showed credit conditions remaining very tight, with the results in the last four surveys for the credit availability index the lowest four levels in the more than six years of the survey.

The credit availability index stood at 33.33 in June from 36.24 in May, 30.77 in April and 31.42 in March. The June result was the third lowest on record, as the Chinese government continues to try and throttle inflation by tightening lending conditions.

"The bank is under a lot of pressure and they are not willing to issue more loans," said a paper company official.

"The bank has money but the credit limit set by the government is making our credit availability less and less," said a construction company official (companies were invited to provide comments along with the survey results).

In some instances, companies are being charged 30% over the benchmark rate for loans. Some company officers said they have turned to alternative sources of financing because they have been unable to source bank loans.

Companies turning away from bank lending may have affected the index for interest rates paid, which fell to a still-high 68.49 in June from 75.66 in May.

The government has raised the reserve requirement 12 times since the start of 2010 with the latest, a 50-basis-point adjustment, going into effect on Monday, removing an estimated CNY380 billion in funds.

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