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Shanghai consumer confidence rise in Q2: survey

By Wang Yanlin | July 15, 2015, Wednesday | Online Edition

Shanghai's consumer confidence rose further in the second quarter of the year as city residents were encouraged by easing monetary policies and property measures that helped to stabilize the city's economy, a survey showed today.

The Index of Consumer Confidence in Shanghai, compiled by the Shanghai University of Finance and Economics, expanded to 119.7 in the second quarter, up from 118.6 in the first three months and 107.1 a year earlier.

A reading above 100 signals optimism, and the data have pointed to continuous improvement of sentiment in the past four quarters.

Xu Guoxiang, director of the university's Applied Statistics Research Center, said Shanghai's second-quarter economic indicators are likely to meet the target, an encouraging sign to support people's confidence.

"Also, many of the accommodative measures in Shanghai focus on how to improve people's basic livelihood, which strengthens people's confidence and willingness to spend," Xu said.

The Shanghai Statistics Bureau is set to release the key economic data for the second quarter as well as the first half tomorrow.

To bolster the economy, Chinese authorities have implemented various measures, including easing in both fiscal and monetary policies as well as faster reforms.

Shanghai Mayor Yang Xiong said yesterday that the city's economy has performed much better in the second quarter thanks to the city's efforts of constructing a science and innovation center with global influence and the further deepening reforms carried out in the pilot free trade zone.

The city's gross domestic product was expected to reach 7 percent in the second quarter, more than the growth of 6.6 percent in the first three months.

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