China consumer confidence continues to rebound in December

15:50, January 09, 2011      

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China's Bankcard Consumer Confidence Index, compiled by the Xinhua News Agency and China UnionPay, rose slightly in December to 85.92, up 0.06 points from November, as sales promotions for Christmas and New Year drove up consumption, according to figures released Sunday.

The data also showed spending on non-essential items such as entertainment and jewelry increased 12.4 percent from November as year-end bonuses to employees increased their purchasing power.

Meanwhile, demand on items such as home appliances, digital products and cars in December also increased.

It was the second month the index rose after rebounding 0.17 points in November as the government late last year introduced a range of steps to curb price hikes. The People's Bank of China, the central bank, also lifted interest rates twice in 2010 and increased the reserve requirement ratio for banks six times in order to tighten liquidity.

On a year-on-year basis, the index was down 0.91 points in December.

Xinhua News Agency and China UnionPay started compiling the index in April 2009 based on bank card transaction data and analysis of structural changes in urban consumption.

Source: Xinhua
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