Consumer confidence decreases in Shanghai

By Chen Qian and Yan Zhen  |   2008-7-7  |     ONLINE EDITION

SHANGHAI"S consumer confidence index fell 3.2 points to 100.5 in the second quarter following a drop in the previous quarter, the city's top finance and economic university said today.

The city's investor confidence index also dropped 0.1 percent to 106.7 quarter on quarter, said Shanghai University of Finance and Economics, which was invited by the city government to compose the index.

The China consumer confidence index, which was updated on June 25, edged up 0.2 percentage point to 95.1 points in June. It was boosted by easing general prices and earthquake relief work, which encouraged patriotism, an earlier Shanghai Daily report said.

But in May, the consumer confidence index settled at 94.9 points, the lowest level since the survey was started in April 2007 by Xinhua Finance Ltd and eziData. The index's benchmark value was set at 100.

Shanghai started to issue the consumer confidence index in October. The survey is done by the Shanghai University of Finance and Economics. It is the first time in the country that a university has undertaken such a project for a city.