CFOs in China Most Confident in Asia About Economy, BofA Says

Feb. 21 (Bloomberg) -- Chief financial officers in China expressed more confidence in their local economy than their peers in other Asian nations, according to a survey conducted by Bank of America Merrill Lynch.

The 7.5 ranking for the confidence the CFOs had in the Chinese economy compared with a regional average of 5.9 for Asia, according to a statement distributed before a briefing today in Beijing. Inflation was the issue that CFOs in China were most-concerned about, according to the statement.

Seventy-five CFOs in China took part in the survey, which was based on a total of 465 interviews with financial executives in India, Australia, Japan and other parts of Asia conducted from Sept. 28 to Nov. 30. The executives were CFOs for companies with at least $500 million of annual revenue, according to Bank of America Merrill Lynch.

Foreign competition was cited by 35 percent of the CFOs in the survey as being a significant concern, according to the statement. When asked where they thought that competition would come from, 72 percent said China, according to the statement.

To contact the reporter on this story: Victoria Ruan in Beijing at vruan1@bloomberg.net

To contact the editor responsible for this story: Paul Panckhurst at ppanckhurst@bloomberg.net