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People's Daily Online>>China Business

Over 60% upbeat on China's economy

By Lu Nengneng (Shanghai Daily)

09:49, January 12, 2012

MORE than 60 percent of China's rich people were upbeat about the country's economy in the next two years, but still they were more cautious toward spending, according to a survey released yesterday.

Around 28.4 percent of the respondents expressed strong confidence and 64.2 percent were relatively optimistic despite a possible economic slowdown, according to the survey of 503 Chinese millionaires conducted by the Hurun Research Institute. More than 30 percent of the rich continued to be active with investments, but they also became more focused on risk aversion.

Only 26.7 percent purchased properties last year, down from 37.9 percent in 2010. Equity investors fell from 24.7 percent to 20.4 percent amid the 21 percent tumble in the stock market. Though property and stocks were still the favorites for investment, the proportion of gold investors sparkled more than 100 times to 11.5 percent while those who preferred financial products with fixed income took up 18.2 percent, more than doubled the number of 2010.

Despite a 15 percent rise in average wealth to 63 million yuan (US$9.98 million), the rich held on tight to their wallets last year. This cut their average consumption by 9 percent to 1.76 million yuan from a year earlier.

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