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Confidence up among Shanghai consumers in Q1
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Shanghai's consumer confidence continued to improve in the first quarter as policy makers voiced confidence over economic outlook and outlined reform measures, a survey showed today.
The Index of Consumer Confidence in Shanghai, a quarterly index compiled by the Shanghai University of Finance and Economics, increased to 117.7 in the first quarter of this year, up from 116.4 in the fourth quarter last year.
A reading above 100 signals optimism, and the latest figure marked an increase for the second quarter after the deterioration in the July-September period.
Xu Guoxiang, director of the university's Applied Statistics Research Center, said legislative meetings held in the quarter revealed policy makers' confidence on economic growth.
New projects in Shanghai, such as the Disney Resort, will also lift consumption and industrial investment for the city, Xu added.
Shanghai's gross domestic product expanded 6.9 percent annually last year, the same as the national average of 6.9 percent.
The municipal government scrapped GDP target in its government report in January but highlighted growth quality tasks such as boosting innovation, containing unemployment rate below 4.5 percent, and investing 3 percent of the city's GDP into environment protection.
Late last year Mayor Yang Xiong said the city aims to keep its growth rates between 6 and 7 percent in the next five years.
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