Shanghai consumers see bright future
Print Edition
Shanghai’s steady economic growth, low inflation and its promising future have bolstered consumer confidence in the city as shown by a three-year high posted by a sentiment index in the fourth quarter of 2013.
The Index of Consumer Sentiment rose 4.1 points from a year earlier to 111.6 in October to December, a survey by Shanghai University of Finance and Economics showed yesterday.
The latest score rose from 107.1 in the third quarter, indicating growing optimism among local residents. A reading above 100 means positive sentiment and the survey interviewed nearly 1,000 people.
‘‘Shanghai consumers are cheered by various reforms that may secure growth in the future,’’ said Xu Guoxiang, program leader and director of the university’s Applied Statistics Research Center.
The better-than-expected performance of Shanghai’s economy raised people’s hopes for a sustained growth.
In the third quarter of 2013, Shanghai’s gross domestic product rose 7.8 percent from a year earlier, up from 7.6 percent in the second quarter.
The value of Shanghai’s total output totaled 1.55 trillion yuan (US$255 billion) in the first nine months of 2013, up 7.7 percent annually and above the yearly 7.5 percent target.
The city’s Consumer Price Index, a main gauge of inflation, added 2.4 percent in November, below the national average of 3 percent and indicating little inflationary pressures ahead.
Major reforms in deregulating trade, financial innovation, yuan’s convertibility and liberal interest rates in Shanghai’s pilot free trade zone have also lifted people’s hopes for the future, Xu said.
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