Consumer holds keys to China's development: Westpac

(Xinhua) Updated: 2014-05-14 14:24

Westpac at least can boast a long and successful history of understanding the evolution of consumer confidence and what it means for economies.

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But with the Chinese consumer dictating what is round the corner for worldwide markets, the inside running on confidence offers insights for the global economy.

Glimpsing the invisible level of domestic sentiment and understanding what consumer confidence can reveal is the new world, Shakespeare's undiscovered country of global economics.

McKays says measuring confidence is a very, very interesting area.

"An economy like the US, where consumer is 70 percent of everything that happens - you need to know about consumer confidence they've been doing it for a long time they've measuring its since 1946, in Australia its is very similar situation we've been measuring it since 1973 Westpac very specifically has been doing it for four decades."

The Westpac MNI China Consumer Sentiment Survey will be rolled out on Wednesday, 28 May, across China's largest 30 cities.

Thereafter, McKay is confident the findings will be published on the final Wednesday of each calendar month at 9:45 am Beijing time.

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