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Wan LixinOpinion deputy editor of Shanghai Daily
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Recovery boosts household confidence
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CHINA’S economic recovery in the first quarter of this year bolstered household confidence while people’s interest to invest in real estate dimmed amid stringent measures to curb property speculation, a survey showed yesterday.
The China Wealth Index, compiled every two months by Bank of Communications and research firm Nielsen, rose to 138 in March to rank the second-highest on record, up 4 points from January.
A reading above 100 reflects optimism among over 1,800 households interviewed.
The index was boosted by people’s confidence on household income as the sub-index surged 8 points from two months ago to 151, and the gauge for the economy rose 6 points to 136.
However, people’s willingness to invest edged up only 1 point as the increasing interest in liquid assets, including wealth-management products, securities, insurance policies and precious metals, was overshadowed by dimming interest for real estate investment.
The report attributed the increasing confidence in liquid assets to the stock and fund markets’ better performance while the allure of real estate investment dampened for the second straight survey period amid tighter curbs in several cities including Beijing, Shanghai and Guangzhou.
Lian Ping, chief economist of Bank of Communications, expected China’s economic growth, inflation and monetary policies to be stable this year.
The China Academy of Social Sciences said China’s economy may grow between 6.5 and 6.7 percent this year, according to a report yesterday, with growth seen slower in the second half while inflation may rise but will remain below the official target of 3 percent.
The National Bureau of Statistics said in March that China’s economy was stable and faster growth in investment, industrial production, trade and manufacturing in the first two months was achieved.
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