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October 13, 2016

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Consumer confidence rebounds in Q3

CONSUMER confidence in Shanghai rebounded in the third quarter as people were more willing to buy homes, cars and durable goods, a survey showed yesterday.

The Index of Consumer Confidence in Shanghai, a quarterly gauge compiled by Shanghai University of Finance and Economics, rose 7.2 points from the second quarter to 116.2 in the third quarter the highest so far this year.

A reading above 100 points indicates optimism.

Xu Guoxiang, director of the university’s Applied Statistics Research Center, said the city’s stabilizing economy and better outlook in the job market helped to bolster people’s confidence.

“The city’s economy has showed signs of stabilization with better trade and improving industrial sector,” Xu said. “It helped to bolster people’s expectations for income and they are more willing to spend.”

The component indexes showed people’s intention to purchase homes, cars and durable goods rose by 15.7 points, 12.6 points and 10.2 points respectively from the previous quarter, all relatively high in the survey’s history.

Shanghai will unveil its third-quarter gross domestic product on October 25. In the first half, the city’s GDP growth was stable at 6.7 percent year on year. The latest data showed trade grew 9.4 percent from a year earlier in August, a reversal from the 2.7 percent drop in July. Industrial production rose 8.1 percent in August, an improvement from the 0.9 percent loss in July.


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