Shanghai consumer confidence hits record high in Q3

The steady growth of the national economy and the improving Shanghai economy provide a feel-good factor

Shanghai's consumer confidence hit a record high in the third quarter, buoyed by the steady growth of the national economy.

The Index of Consumer Confidence in Shanghai, a quarterly gauge compiled by Shanghai University of Finance and Economics, rebounded 3.8 points from the second quarter to 121.4 points in the July-September period, up 5.1 points from the level in the same period last year.

A reading above 100 points indicates optimism.

The steady growth of the national economy and the upcoming 19th Communist Party of China National Congress boosted consumer confidence in Shanghai's economy, said Xu Guoxiang, director of the university’s Applied Statistics Research Center, and deputy directors Wu Chunjie and Cui Chang.

"Shanghai's economy grew steadily as shown by the recovering economic indicators, giving a boost to consumers while the positive employment situation also lifted their optimism," Xu said.

On the macro-economic perspective, Xu said consumer confidence received a boost after "several international rating agencies raised expectations of China's economic growth while the Chinese economy improved steadily day by day." 

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