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Investor confidence sags to 3-year low in Shanghai
By Wang Yanlin |
July 3, 2012, Tuesday
|
Online Edition
Online Edition
INVESTOR confidence in Shanghai hit a three-year low in the second quarter, a survey revealed this morning, although investors still reported optimism about the future.
The Investor Sentiment Index, compiled by the Shanghai University of Finance and Economics, dropped to 106.59 in the April-June period, down from 115.54 in the first three months.
A reading above 100 indicates optimism, and the opposite points to a lack of confidence.
The index had shown a mild rebound in the first three months from 108.96 in the final quarter of 2011. But investors' concerns grew again of late due to the country's continued economic slowdown and growing uncertainties in external markets, said Xu Guoxiang, program leader and director of the university's Applied Statistics Research Center.
"Shanghai should step up efforts to bolster pillar industries like new-generation information technology, high-end equipment manufacturing or advanced biotechnology," Xu said. "The prosperity of these industries can make investors feel more secure about Shanghai's long-term growth when the city is in the middle of economic restructuring.
"Shanghai should continue to make good use of foreign capital and attract foreign investors into key industries like services and strategic emerging sectors," Xu added.
Shanghai's gross domestic product expanded 7 percent from a year earlier in the first quarter, the slowest in 18 months and the weakest among Chinese provinces and municipalities.
The Investor Sentiment Index, compiled by the Shanghai University of Finance and Economics, dropped to 106.59 in the April-June period, down from 115.54 in the first three months.
A reading above 100 indicates optimism, and the opposite points to a lack of confidence.
The index had shown a mild rebound in the first three months from 108.96 in the final quarter of 2011. But investors' concerns grew again of late due to the country's continued economic slowdown and growing uncertainties in external markets, said Xu Guoxiang, program leader and director of the university's Applied Statistics Research Center.
"Shanghai should step up efforts to bolster pillar industries like new-generation information technology, high-end equipment manufacturing or advanced biotechnology," Xu said. "The prosperity of these industries can make investors feel more secure about Shanghai's long-term growth when the city is in the middle of economic restructuring.
"Shanghai should continue to make good use of foreign capital and attract foreign investors into key industries like services and strategic emerging sectors," Xu added.
Shanghai's gross domestic product expanded 7 percent from a year earlier in the first quarter, the slowest in 18 months and the weakest among Chinese provinces and municipalities.
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