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Consumer confidence rises as city residents accept ‘new normal’ economic conditions
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Consumer confidence in Shanghai rebounded in the third quarter due to clearer policy support and better acceptance of the country’s “new normal” economic conditions, a survey showed today.
The Index of Consumer Sentiment in Shanghai increased 9 points from the previous quarter to 116.1 in the July-September period, staging a notable rebound, according to the survey by Shanghai University of Finance and Economics.
A reading above 100 means optimism.
Xu Guoxiang, director of the university’s Applied Statistics Research Center, said China’s economy has reached a “new normal,” which refers to slower but more sustainable growth.
“People are less worried and they know slower growth does not equal deteriorating growth,” Xu said. “Plus the central government launched targeted stimulus gradually in the past months, guaranteeing a bottom line. This also gave people confidence.”
The components showed overall confidence in Shanghai’s economy added 8.2 points to 141.5 in the third quarter. People’s willingness to make purchases jumped 10.8 points to 82.8. A four-year high of 85.8 was recorded for those willing to purchase a car.
At the same time, people expressed a renewed desire to buy a home. The index measuring their expectations to purchase real estate rose 14.6 points to 54.2 in the third quarter, according to the survey.
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