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Optimism boosts consumer confidence
By Lu Nengneng |
November 23, 2011, Wednesday
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Print Edition
Print Edition
CHINA'S consumer confidence remained stable in the third quarter as people were optimistic over their job prospects and personal finance.
The confidence index, compiled by research firm Nielsen, slid 1 point from the second quarter to 104 in the third, according to a survey conducted among more than 3,500 consumers across the country. A reading above 100 indicates optimism.
Consumers in rural areas were the most upbeat as their reading gained 1 point from three months ago to reach 110 while those living in the second-tier cities were the least confident with a reading of 96, down from the second quarter's 101.
Sixty-nine percent of participants were optimistic about the job market, especially those from traditional economic hubs along the eastern coast and those from central China which are undergoing industrial upgrading. Sixty-four percent of those surveyed anticipated rosy prospects to earn income.
Consumers in China are generally more confident about the future than those in other countries who worry most about the economic outlook as the global confidence index fell for the seventh quarter to 88, Nielsen said.
Meanwhile, China's economic growth continues to outpace the rest of the world this year as its gross domestic product in the third quarter grew an annual 9.1 percent, although this was slower than 9.5 percent in the second quarter and 9.7 percent in the first.
The government's moves to tame high inflation paid off as the Consumer Price Index slowed its rise for the third straight month to a 5.5 percent annual gain in October.
The confidence index, compiled by research firm Nielsen, slid 1 point from the second quarter to 104 in the third, according to a survey conducted among more than 3,500 consumers across the country. A reading above 100 indicates optimism.
Consumers in rural areas were the most upbeat as their reading gained 1 point from three months ago to reach 110 while those living in the second-tier cities were the least confident with a reading of 96, down from the second quarter's 101.
Sixty-nine percent of participants were optimistic about the job market, especially those from traditional economic hubs along the eastern coast and those from central China which are undergoing industrial upgrading. Sixty-four percent of those surveyed anticipated rosy prospects to earn income.
Consumers in China are generally more confident about the future than those in other countries who worry most about the economic outlook as the global confidence index fell for the seventh quarter to 88, Nielsen said.
Meanwhile, China's economic growth continues to outpace the rest of the world this year as its gross domestic product in the third quarter grew an annual 9.1 percent, although this was slower than 9.5 percent in the second quarter and 9.7 percent in the first.
The government's moves to tame high inflation paid off as the Consumer Price Index slowed its rise for the third straight month to a 5.5 percent annual gain in October.
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