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January 8, 2010

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Investor optimism for Shanghai

INVESTORS grew more optimistic about Shanghai's economic outlook in the fourth quarter of last year compared with the previous quarter, indicating a firmer foundation for the city's economy to grow, a survey showed yesterday.

The Shanghai Investor Confidence Index, compiled by Shanghai University of Finance and Economics, increased to 120.6 points in the last quarter of 2009, up 3.9 points from the previous quarter and 17.61 points from a year earlier.

An index reading above 100 refers to optimism among investors.

"They (investors) gained more confidence from a stronger recovery in Shanghai's economy in recent months," said Xu Guoxiang, the research program leader and director of the university's Applied Statistics Research Center. "They have sensed more positive economic changes and may raise their investment, which will help the city to grow."

The component indices showed that confidence among institutional investors rose 12.4 points from a quarter earlier to 121.85 in the fourth quarter. The confidence of entrepreneurs dipped 0.3 point to 122.86 while that of individual investors was flat from a quarter earlier.

Shanghai's exports, hardest hit by the global financial crisis, fell 5.3 percent annually in November, extending a losing streak for 12 straight months.

The city's GDP expanded 9.8 percent in the third quarter of 2009 from a year earlier, strengthening from the increase of 7.9 percent in the second quarter.


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