Chinese investors have "laughed off" this month's gyrations in the country's sharemarkets, according to the authors of a consumer sentiment survey, although they now see stocks as undervalued.

The Westpac MNI survey for July, released on Wednesday, found the mood in the country continued to improve in July, with the headline index up 1.9 per cent, to 114.5 points.

Chinese consumers appear untroubled by the wild swings of the nation's sharemarkets. Credit:Ng Han Guan

This is just below its level a year ago, as concerns about slowing growth and the housing market began to take hold.

Wild swings in the stock market this month, however, have not affected sentiment as much, according to the survey's findings, although respondents noted the hit to personal wealth in specific questions about stock market expectations.