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April 14, 2017

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Shanghai residents confident

SHANGHAI consumers gained confidence in the first quarter amid a positive outlook for economic growth, a survey showed yesterday.

The Index of Consumer Confidence in Shanghai, a quarterly gauge compiled by Shanghai University of Finance and Economics, rose 7.1 points from the fourth quarter to 119 in the January-March period.

A reading above 100 points indicates optimism.

Local residents were uplifted following the city government’s confidence in the economy, positive economic data and a sound local job market, said Xu Guoxiang, director of the university’s Applied Statistics Research Center.

“The priorities in improving public welfare boosted consumer confidence,” said Xu.

He added that local residents were buoyed by the city’s economy after data showed Shanghai’s gross domestic product rose 6.8 percent last year, faster than the annual growth of China’s GDP for the first time since 2008.

Shanghai residents were more content with their income as the gauge rose 10 points from the previous quarter to the highest in two years, the survey said.


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