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Consumer confidence dips in Shanghai
By Feng Jianmin and Wang Yanlin |
April 7, 2010, Wednesday
|
Online Edition
Online Edition
FACING unclear domestic and global economic conditions, Shanghai consumers and investors showed slightly less confidence in the first quarter of this year from the previous quarter, a survey showed today.
Shanghai Consumer Confidence Index edged down to 109, down 6.9 points from the fourth quarter of 2009. But it was 10.2 points higher from the same period of last year, according to a survey released by the Shanghai University of Finance and Economics.
The Investors' Confidence Index, similarly, lost 3.2 points quarter-on-quarter to 117.4 in the first three months. It was 8.9 points higher from a year earlier when the world was in the depth of the global financial crisis.
An index reading above 100 points indicates a positive attitude.
"Consumers are still optimistic as Shanghai's economy is running on the track of expansion," said Xu Guoxiang, a finance professor and leader of the research program. "The descent of index is mainly due to lower consumer expectation, as well as uncertainty about the impact of the recent drought in southwest China, possible yuan appreciation, decrease of exports, and the revamp of the domestic economic structure."
Statistics showed a sharp drop in people's willingness to buy homes due to soaring property prices. More than 86 percent of respondents deemed it a bad time to buy a house, soaring 30.3 percentage points from the previous quarter. Only 6.4 percent of people said they were ready to buy a home.
Meanwhile, index for car consumption dropped 12.7 points to 87.8 from the previous quarter, indicating people are less willing to buy a car.
Entrepreneurs, institutional and private investors are generally happy with the environment and their profits. But the survey also said that corporate investment may drop due to restricted approval of new projects, shrinking loans, and less liquidity amid the tightening macroeconomic policies.
Shanghai Consumer Confidence Index edged down to 109, down 6.9 points from the fourth quarter of 2009. But it was 10.2 points higher from the same period of last year, according to a survey released by the Shanghai University of Finance and Economics.
The Investors' Confidence Index, similarly, lost 3.2 points quarter-on-quarter to 117.4 in the first three months. It was 8.9 points higher from a year earlier when the world was in the depth of the global financial crisis.
An index reading above 100 points indicates a positive attitude.
"Consumers are still optimistic as Shanghai's economy is running on the track of expansion," said Xu Guoxiang, a finance professor and leader of the research program. "The descent of index is mainly due to lower consumer expectation, as well as uncertainty about the impact of the recent drought in southwest China, possible yuan appreciation, decrease of exports, and the revamp of the domestic economic structure."
Statistics showed a sharp drop in people's willingness to buy homes due to soaring property prices. More than 86 percent of respondents deemed it a bad time to buy a house, soaring 30.3 percentage points from the previous quarter. Only 6.4 percent of people said they were ready to buy a home.
Meanwhile, index for car consumption dropped 12.7 points to 87.8 from the previous quarter, indicating people are less willing to buy a car.
Entrepreneurs, institutional and private investors are generally happy with the environment and their profits. But the survey also said that corporate investment may drop due to restricted approval of new projects, shrinking loans, and less liquidity amid the tightening macroeconomic policies.
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