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China central bank survey hints at tendency to save more


08:29, September 16, 2011

BEIJING, Sept. 15 (Xinhua) -- Chinese citizens are now more willing to save rather than spend as they are less satisfied with current price levels, according to a third-quarter survey by the country's central bank.

The survey showed that nearly 83 percent of those surveyed said it was better to increase savings rather than spend.

The Resident Price Satisfaction Index fell to 14.8 percent in the third quarter, down 2 percentage points from the second quarter, according the survey.

More than 70 percent of respondents said current prices were "too high to be acceptable," up 3.8 percentage points from the second quarter. Nearly 75 percent of them expected prices to continue rising in the next quarter.

The survey also revealed that citizens were less optimistic about income increases compared to the second quarter.

More than three fourths of respondents, the largest proportion since the survey began in 2009, said current property prices were "too high." About 38 percent of them expected property prices to continue rising.


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