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China's consumer confidence weakens slightly in August

(Xinhua)

08:16, September 11, 2012

BEIJING, Sept. 10 (Xinhua) -- Chinese consumers, particularly those with bank cards, were slightly less confident in consumption in August, as inflation rebounded slightly in the month due to higher food prices, according to an index released Monday.

The Bankcard Consumer Confidence Index (BCCI), compiled by the Xinhua News Agency and China UnionPay, a national bank card association, retreated 0.5 point from July to 86.21 points in August.

On a year-on-year basis, the BCCI index stayed flat, according to the report.

The report said consumer confidence was dampened by the macroeconomic situation, and rising food prices that reduced consumption of non-essential items caused the loss of confidence.

Meanwhile, consumers worry about a further slowdown in economic growth as China's manufacturing activity slid further in August, with the Purchasing Managers Index standing at 49.2 percent, marking the first time the index fell below the 50 percent boom-or-bust line in the past nine months.

To stabilize growth, the government may soon come up with more support polices, the report said.

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