More Chinese urban residents willing to increase consumption: survey

China's urban residents were more willing to increase consumption in the first quarter of 2023 compared with the previous quarter, according to a new central bank survey.

Of the 20,000 urban bank depositors surveyed in 50 cities across China, 23.2 percent expressed their willingness to increase consumption in the first quarter, 0.5 percentage points higher than the previous quarter, said the survey conducted by the People's Bank of China.

The proportion of respondents who were more willing to invest reached 18.8 percent, up 3.3 percentage points from the previous quarter.

Financial products from banks, brokerage firms and insurers topped the list of the respondents' preferred investment options, followed by trust funds and stocks, according to the survey.

Some 58 percent of respondents tended to deposit more savings, down 3.8 percentage points from the previous quarter.

The survey showed that residents hope to increase their spending mostly on education, medical care and tourism in the second quarter of 2023.