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City's consumer confidence hits 3-year high
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SHANGHAI’S steady economic growth, low inflation and its promising future based on various reform efforts have bolstered consumer confidence in the city as a related index shot to a three-year high in the fourth quarter of 2013.
The Index of Consumer Sentiment jumped 4.1 points from a year earlier to 111.6 in the October-December pe-riod, a survey by Shanghai University of Finance and Economics showed today.
The latest score rose from 107.1 in the third quarter, indicating growing optimism among local residents.
A reading above 100 means positive sentiment. The survey interviewed nearly 1,000 people.
“Shanghai consumers are cheered by a steady year with news of various reform efforts that may secure growth in the future,” said Xu Guoxiang, program leader and director of the university’s Applied Statistics Research Center.
Shanghai’s economic performance last year was steady and better than expected, raising people’s hope for sus-tained growth.
In the third quarter of 2013, Shanghai’s gross domestic product rose 7.8 percent from a year earlier, up from 7.6 percent in the second quarter and leading other locations during the economic recovery.
Total output in Shanghai amounted to 1.55 trillion yuan (US$255 billion) in the first nine months of last year, up 7.7 percent on an annual basis and better than the yearly target of 7.5 percent.
Also, Shanghai attracted a record amount of foreign investment in 2013, with the pace advancing much faster than the national average — an indication of the city’s lasting attraction for foreign investors.
Shanghai’s pilot free trade zone, a testing ground for major policy reforms involving government deregulation in trade, financial innovation, yuan convertibility and liberalized interest rates, was put into operation in Sep-tember of 2013, boosting people’s expectations for the future.
Shanghai’s Consumer Price Index, a main gauge of inflation, increased 2.4 percent in November, lower than the national average of 3 percent and indicating little inflationary pressure ahead.
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