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Business confidence strengthens in quarter
By Wang Yanlin |
October 20, 2009, Tuesday
|
Online Edition
Online Edition
BUSINESS confidence became stronger in Shanghai in the third quarter while consumer prices also declined at a slower pace last month, giving people a brighter outlook on the city's economic recovery.
Shanghai's Business Confidence Index settled at 115.4 in the July-September period, up from 101.6 in the second quarter, Shanghai Statistics Bureau said today. A reading above 100 indicates an expansion.
The Business Climate Index also gained 10.4 points from the previous three months to 120.9 in the third quarter, the first time it rose above 120 since the fourth quarter of last year.
"Business sentiment in the city has seen great improvement," said Wang Zehua, an analyst with the bureau. "Despite a weak export sector, people have growing confidence in the city's economic recovery."
He forecast the indices will maintain expansion for the rest of the year, although some people are still worried about contractions in exports.
Meanwhile, declines in the city's consumer prices and producer prices both moderated last month, reducing deflationary pressure that may hamper the economic recovery. In deflation, people delay purchases and wait for prices to fall further.
The Consumer Price Index in Shanghai slipped 0.5 percent on an annual basis last month, compared with drops of 0.6 percent in August and 1.9 percent in July.
The Producer Price Index, which measures prices at the factory gate, fell 6.9 percent from a year earlier last month. The index, which is considered a harbinger of future consumer prices, narrowed from a contraction of 8.1 percent in August.
Shanghai's Business Confidence Index settled at 115.4 in the July-September period, up from 101.6 in the second quarter, Shanghai Statistics Bureau said today. A reading above 100 indicates an expansion.
The Business Climate Index also gained 10.4 points from the previous three months to 120.9 in the third quarter, the first time it rose above 120 since the fourth quarter of last year.
"Business sentiment in the city has seen great improvement," said Wang Zehua, an analyst with the bureau. "Despite a weak export sector, people have growing confidence in the city's economic recovery."
He forecast the indices will maintain expansion for the rest of the year, although some people are still worried about contractions in exports.
Meanwhile, declines in the city's consumer prices and producer prices both moderated last month, reducing deflationary pressure that may hamper the economic recovery. In deflation, people delay purchases and wait for prices to fall further.
The Consumer Price Index in Shanghai slipped 0.5 percent on an annual basis last month, compared with drops of 0.6 percent in August and 1.9 percent in July.
The Producer Price Index, which measures prices at the factory gate, fell 6.9 percent from a year earlier last month. The index, which is considered a harbinger of future consumer prices, narrowed from a contraction of 8.1 percent in August.
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