Index climbs as consumer mood returns
By Winny Wang |
January 7, 2010, Thursday
|
Print Edition
Print Edition
ANTICIPATING a positive economic outlook, Shanghai consumers regained their confidence and spent in the fourth quarter of 2009, according to a survey yesterday.
But their spending could also be due to speculation over a possible rise in inflation, the survey by the Shanghai University of Finance and Economics indicated.
The Shanghai Consumer Confidence Index hit 115.9 points in the last quarter, a rise of 21.8 points from the previous quarter and 6.5 points from a year earlier, said the survey released quarterly by the university.
"Shanghai's economy is recovering as the government's stimulus plans to secure economic growth, boost consumption and domestic demand, are paying off," said Xu Guoxiang, the research program leader and director of the university's Applied Statistics Research Center.
An index reading above 100 points indicates consumers are positive about the economy while a reading below that implies the opposite.
About 74 percent of respondents expected that consumer prices will rise over the next six months, compared with 70.4 percent in the third quarter of last year, while 16.1 percent of respondents said the price will stay stagnant, according to the survey.
Shanghai's Consumer Price Index, a major gauge of inflation, gained 0.2 percent in November, the first rise since February amid the economic downturn.
"The government is set to fine tune monetary policies after the rise in CPI to control inflation," Xu said.
But their spending could also be due to speculation over a possible rise in inflation, the survey by the Shanghai University of Finance and Economics indicated.
The Shanghai Consumer Confidence Index hit 115.9 points in the last quarter, a rise of 21.8 points from the previous quarter and 6.5 points from a year earlier, said the survey released quarterly by the university.
"Shanghai's economy is recovering as the government's stimulus plans to secure economic growth, boost consumption and domestic demand, are paying off," said Xu Guoxiang, the research program leader and director of the university's Applied Statistics Research Center.
An index reading above 100 points indicates consumers are positive about the economy while a reading below that implies the opposite.
About 74 percent of respondents expected that consumer prices will rise over the next six months, compared with 70.4 percent in the third quarter of last year, while 16.1 percent of respondents said the price will stay stagnant, according to the survey.
Shanghai's Consumer Price Index, a major gauge of inflation, gained 0.2 percent in November, the first rise since February amid the economic downturn.
"The government is set to fine tune monetary policies after the rise in CPI to control inflation," Xu said.
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