Steady as she goes for cautious small, medium-sized companies

China's small businesses are cautious about prospects in the world's second-biggest economy amid a manufacturing contraction in recent months, a bank survey has shown.

The China SME Confidence Index from Standard Chartered Bank reached 52.04 for the second quarter this year, down 4.47 from the previous quarter.

The decline came after a surge in the first quarter and highlights concerns about economic conditions despite a slew of measures taken by Beijing over the following months.