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House prices cheer citizens
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A CENTRAL bank survey found that while companies were less optimistic about the country’s economic outlook, Chinese citizens were satisfied about consumer goods and housing prices in the third quarter.
An index measuring residents’ satisfaction of consumer goods prices rose to 25.1 percent in the third quarter, the highest since the second quarter in 2010 and was 1.9 percentage points higher than the second quarter this year, the People’s Bank of China said yesterday in a survey that covered 20,000 residents nationwide.
Among the respondents, 54 percent said consumer goods prices are “high and unacceptable,” which was 2.5 percentage points lower than the second quarter. For home prices, 59.5 percent respondents found it “high and unacceptable,” but it was 3.5 percentage points lower than the second quarter.
More than a third residents considered the home prices as “acceptable” and another 3.6 percent said prices are “satisfactory.”
The figure justified the data released on Thursday showing housing prices continued to head south in August.
The number of Chinese cities seeing month-over-month price decrease rose to 68 last month from July’s 64, according to the National Bureau of Statistics, which monitors housing prices in 70 major cities.
The cooling down of property market added to worries about China’s weakening economic momentum as earlier data pointed out industrial output growth falling to a six-year low.
In a separate PBoC survey of 5,000 entrepreneurs, the central bank found an index measuring their confidence fall to 63.6 percent in the third quarter — 1.3 percentage points lower than the second quarter.
Despite the slowdown, 79.5 percent of bankers believed the current monetary policy measures was appropriate, which was up from 72 percent in the second quarter.
The central bank said the survey covered 3,100 bankers nationwide.
The People’s Bank of China conducts surveys on residents, entrepreneurs, and bankers every quarter to gauge their perception of the economic situation in the country.
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