Uncertainties trouble Shanghai residents
By Feng Jianmin and Wang Yanlin |
April 8, 2010, Thursday
|
Print Edition
Print Edition
SHANGHAI consumers and investors displayed a slight loss in confidence in the first quarter of this year from the previous quarter as they see prospects in domestic and global economic conditions uncertain, according to a survey yesterday.
The Shanghai Consumer Confidence Index fell to 109, down 6.9 points from the fourth quarter of 2009. But it was 10.2 points higher from the first quarter last year, according to a survey by Shanghai University of Finance and Economics.
The Investor Confidence Index similarly lost 3.2 points quarterly to 117.4 in the first three months. But it was 8.9 points higher from a year earlier when the world was in the depth of the financial crisis.
An index reading above 100 points indicates a positive attitude.
"Consumers are still optimistic as Shanghai's economy continues on an expansion track," said Xu Guoxiang, a finance professor and leader of the research program. "The index's fall is mainly due to lower consumer expectations, uncertainties about the impact of the drought in southwest China, a possible yuan appreciation, decline in exports, and revamp of the domestic economic structure."
The survey revealed a sharp drop in consumers' willingness to purchase homes due to soaring property prices. More than 86 percent of the survey respondents deemed it a bad time to buy a property, an increase of 30.3 percentage points from the previous quarter. Only 6.4 percent of the respondents indicated they were ready to buy a home.
Meanwhile, the index for car consumption dropped 12.7 points to 87.8 from the previous quarter, indicating people are less willing to buy a car too because of a "wait-and-see" attitude.
The Shanghai Consumer Confidence Index fell to 109, down 6.9 points from the fourth quarter of 2009. But it was 10.2 points higher from the first quarter last year, according to a survey by Shanghai University of Finance and Economics.
The Investor Confidence Index similarly lost 3.2 points quarterly to 117.4 in the first three months. But it was 8.9 points higher from a year earlier when the world was in the depth of the financial crisis.
An index reading above 100 points indicates a positive attitude.
"Consumers are still optimistic as Shanghai's economy continues on an expansion track," said Xu Guoxiang, a finance professor and leader of the research program. "The index's fall is mainly due to lower consumer expectations, uncertainties about the impact of the drought in southwest China, a possible yuan appreciation, decline in exports, and revamp of the domestic economic structure."
The survey revealed a sharp drop in consumers' willingness to purchase homes due to soaring property prices. More than 86 percent of the survey respondents deemed it a bad time to buy a property, an increase of 30.3 percentage points from the previous quarter. Only 6.4 percent of the respondents indicated they were ready to buy a home.
Meanwhile, the index for car consumption dropped 12.7 points to 87.8 from the previous quarter, indicating people are less willing to buy a car too because of a "wait-and-see" attitude.
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