FTZ lifts morale of Shanghai consumers
Print Edition
Shanghai’s plan for a free trade zone has boosted consumer confidence more than expected in the third quarter of this year, a survey showed yesterday.
The Index of Consumer Sentiment jumped 6.5 points from a year earlier to 107.1 in the July-September period, a survey by Shanghai University of Finance and Economics showed. The latest score rose from 103.2 in the second quarter, indicating growing optimism among local residents.
A reading above 100 means positive sentiment and the survey interviewed nearly 1,000 people.
“Consumers are cheered by the news of Shanghai’s free trade zone project,” said Xu Guoxiang, program leader and director of the university’s Applied Statistics Research Center.
“The project provides new opportunities for the city and allows consumers to be more confident about the city’s future growth,” Xu said.
The pilot FTZ in Shanghai, a testing ground for major policy reforms, trade facilitation and financial innovations such as yuan convertibility and liberal interest rates, started on September 29. It aims to boost the country’s economic development and help Shanghai become a global financial and trading center.
Shanghai’s economy grew 7.7 percent year on year in the first half of 2013, above the national average of 7.6 percent, lifting hopes of a sustained recovery, Xu said.
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