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A Powerful financial indicator
ccording to a globally credible survey report, China has emerged as the most financially secure country in an index jointly launched by PICC Property and Casualty Co Ltd, the largest non-life insurance company in the Chinese mainland, and Genworth Financial Inc, a Fortune 500 insurance holding company. The report that surveyed 13,000 households in 14 European countries, and five Latin American countries and China. China scored 78 out of 100, the highest score of any country and the highest since the index was launched in 2007. Only 3 percent of Chinese households are financially vulnerable, whereas the same figure for Germany is 22 percent and 26 percent for France, according to the report. Of more than 1,000 households surveyed in Beijing, Guangzhou, Shanghai and Wuhan, only 1 percent said their financial situation will worsen over the next 12 months. Only 3 percent believed they were financially vulnerable, while 97 percent said that they have rarely experienced financial problems or had a positive outlook for the future. Digging deeper into the survey's underlying results, some 39 percent said they had seen their total household income fall due to several factors. Forty-eight percent reported it was due to a drop in level of income, 20 percent reported it was due to stopping work for health reasons, and 12 percent said it was due to job loss. The majority of Chinese household assets were in property. PICC and Genworth's report cautioned that Chinese households were too focused on property investments, and said their investment portfolio should be diversified. We believe that this report is a very powerful indicator with regard to future of Chinaâ€™s economy and foreign investments in this emerging financial capital of the world.