Shanghai’s bright future boosts consumer morale
Print Edition
CONSUMERS in Shanghai were more confident in the first quarter of this year because the city’s economy was stable and the outlook for its future growth was bright, the Shanghai Statistics Bureau said yesterday.
The city’s Consumer Confidence Index rose to 114.2 in the first quarter, up 3.9 points from the fourth quarter of last year and compared with 113.1 a year earlier.
A reading above 100 reflects optimism.
The components showed that the index on people’s satisfaction of the current situation was 113.5, and the index on their hopes for the future was 114.8.
The indices covering confidence in the economy, employment, household income and quality of life increased from the previous quarter except for the one covering the timing of purchasing durable products like cars and homes.
Shanghai’s solid economic fundamentals as well as its position as a pioneer in China’s industrial restructuring and innovation helped boost people’s confidence, the bureau said.
“The city’s economic performance has been better than expected in the past few months although it has to brave downward pressure,” the bureau said.
“With key projects like the China (Shanghai) Pilot Free Trade Zone and Disneyland, Shanghai will find new impetus for its growth.”
The city’s economy expanded 7.7 percent last year.
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