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The west sees a rosier future
By Wang Yanlin |
September 29, 2011, Thursday
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Print Edition
Print Edition
CONFIDENCE among Chinese households has picked up for the first time since March, mostly bolstered by more optimism in western areas, the China Wealth Index compiled by the Bank of Communications showed yesterday.
The index, based on a survey of 1,864 households with a yearly income above 60,000 yuan (US$9,375) in big cities and above 40,000 yuan in second-tier cities, rose to 120 in September from 119 in its previous release in July, the first rebound since March. The bank releases the index every two months. A reading above 100 points to optimism.
However, the rebound relies mainly on improved sentiment among people in the west, who are increasingly optimistic about their future income, investment gains and economic performance.
In contrast, people in east China are bearish about the future.
"It is the first time that people in the western areas have diverged so sharply from those in the eastern areas," said Zhou Kunping, vice general -manager at the bank's research center. "More buoyant sentiment among people in the western areas may be supported by the accelerating pace of relocation of many factories into west China, which has boosted their salary prospects and created more opportunities for investment."
The index, based on a survey of 1,864 households with a yearly income above 60,000 yuan (US$9,375) in big cities and above 40,000 yuan in second-tier cities, rose to 120 in September from 119 in its previous release in July, the first rebound since March. The bank releases the index every two months. A reading above 100 points to optimism.
However, the rebound relies mainly on improved sentiment among people in the west, who are increasingly optimistic about their future income, investment gains and economic performance.
In contrast, people in east China are bearish about the future.
"It is the first time that people in the western areas have diverged so sharply from those in the eastern areas," said Zhou Kunping, vice general -manager at the bank's research center. "More buoyant sentiment among people in the western areas may be supported by the accelerating pace of relocation of many factories into west China, which has boosted their salary prospects and created more opportunities for investment."
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