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Shanghai consumer confidence rises on FTZ
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Consumer confidence in Shanghai strengthened more than expected in the third quarter of this year after the city rolled out big plans like the free trade zone project, a survey showed today.
The Consumer Sentiment Index jumped 6.5 points from a year earlier to 107.1 in the July-September period, according to a survey of nearly 1,000 people by Shanghai University of Finance and Economics.
A reading above 100 means optimism. The latest reading rose further from 103.2 in the second quarter, indicating growing optimism among local residents.
"Consumers are cheered up by the news of Shanghai's free trade zone program," said Xu Guoxiang, survey leader and director of the university's Applied Statistics Research Center.
"The program provides new opportunities for the city and makes consumers more confident about the city's future growth," Xu said.
Shanghai's pilot free trade zone, a testing ground for major policy reforms involving government deregulation in trade, financial innovation, yuan’s convertibility and liberal interest rates, has been put into operation this month.
Besides, Xu added that Shanghai's economic performance in recent months was better than expected, raising people's hope for a sustained recovery.
The city's gross domestic product expanded 7.7 percent on an annual basis in the first half of this year, faster than the national average of 7.6 percent.
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