Shanghai鈥檚 consumers see morale gain in Q3
Print Edition
THE confidence of Shanghai consumers rebounded in the third quarter as they were more willing to accept a “new normal” of slower but sustained economic growth while the central government’s targeted stimulus measures gave them hope, a survey showed yesterday.
The Index of Consumer Sentiment in Shanghai rebounded notably by 9 points from the previous quarter to 116.1 in the July-September period, according to the survey by Shanghai University of Finance and Economics.
A reading above 100 means optimism among local residents.
Xu Guoxiang, director of the university’s Applied Statistics Research Center, said China’s economy has entered the phase of the “new normal” of slower but healthier growth that relies more on domestic demand.
“People are less worried, and they know slower growth does not equal deteriorating growth,” Xu said. “Besides, the central government launched targeted stimulus gradually in the past months, guaranteeing a bottom line, and this also gave people confidence.”
The components showed that people’s evaluation of Shanghai’s economy rose 8.2 points to 141.5 in the third quarter, while their willingness to purchase gained 10.8 points to 82.8. In particular, their willingness to buy cars hit a four-year high of 85.8.
The index measuring people’s expectations to buy homes rose 14.6 points to 54.2 in the third quarter, according to the survey.
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