Shanghai consumer confidence rebounds in Q4

By Wang Yanlin | January 11, 2016, Monday |

Online Edition

SHANGHAI'S consumer confidence rebounded in the final quarter of last year as the city's economy stabilized and the authorities mapped out an economic blueprint for the future, a survey showed today.

For 2015 as a whole, consumers' satisfaction reached the strongest in eight years thanks to better products and services provided, the survey said.

The Index of Consumer Confidence in Shanghai, a quarterly index compiled by the Shanghai University of Finance and Economics, increased to 116.4 in the fourth quarter of last year, up from 115.8 in the previous three months.

A reading above 100 signals optimism, and the latest figure marked a return to the uprise track after the deterioration in the July-September period.

Xu Guoxiang, director of the university's Applied Statistics Research Center, said better conditions in employment and payment enabled people to become more confident.

"Shanghai's economic growth rate has almost caught up with the national average despite of the city's large comparative base, and it helped to bolster people's confidence for the future," Xu said.

Shanghai's gross domestic product expanded 6.8 percent year on year in the first three quarters, just a bit lower than the national average of 6.9 percent.

The city aims to keep its growth rates between 6 and 7 percent in the next five years, with the best pace to be around 6.5 percent, said Mayor Yang Xiong last month.

Economy

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Shanghai consumer confidence rebounds in Q4

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