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Shanghai consumer confidence rises in 1st quarter
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SHANGHAI'S ambition in innovation, the bullish stock market and the recent stronger policies in monetary and property sectors have bolstered consumer confidence in the first quarter of this year, a survey showed today.
The Index of Consumer Confidence in Shanghai, compiled by the Shanghai University of Finance and Economics, posted 118.6 in the January-March period, up from 117.6 in the previous three months.
A reading above 100 signals optimism.
Xu Guoxiang, director of the university's Applied Statistics Research Center, said Shanghai consumers were more confident as the city charted out a plan to become a scientific and innovation center, which injected new vitality in the economy and could promise sustainable growth in the future.
"There are many new opportunities for Shanghai coming along with the construction of a scientific and innovation center, as well as the existing efforts to build the pilot free trade zone," Xu said.
The State Council has just approved the expansion of the Shanghai pilot free trade zone, which would incorporate the Lujiazui financial area, Zhangjiang High-tech Park and Jinqiao area to cover 120.72 square kilometer from the current 28.78 square kilometer.
Shanghai's gross domestic product expanded 6.6 percent from a year earlier in the first quarter, slower from last year's pace of 7 percent due to deepening economic restructuring.
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