Survey: Beijingers say prices unbearable

Edited and Translated by Han Shasha, People's Daily Online

A central bank survey showed 47.1 percent of respondents expected price increases in the next quarter and nearly 70 percent of residents in Beijing found the prices high and unendurable.

The People's Bank of China found in its latest quarterly survey that Price Satisfaction Index fell to 16.1 percent in the third quarter, the lowest since the survey was first conducted.

The bank conducted a survey of 1,400 urban depositors in Beijing, 69.1 percent of which said that the current commodity prices are "high and unendurable," an increase of 4.8 percentage points from last quarter, while 29.6 percent of the depositors said that the prices are acceptable.

The survey also showed that Beijing residents’ investments declined in the third quarter. Nearly 36 percent of the residents chose to invest, down 7.2 percentage points from the second quarter. Among these investors, 12.2 percent considered investments in stocks to be most profitable, a decrease of 8.6 percent compared to the second quarter.

According to the survey, more people are inclined to deposit or consume. Taking into account current prices and interest rates, 37.4 percent of the respondents said that more savings will bring more profits, up 1.6 percentage points from the second quarter.

The survey also showed that 26.6 percent of the residents are more willing to consume, an increase of 5.5 percent compared with last quarter. Among these consumers, 26 percent would like to buy expensive goods, 39.6 percent to travel and 11.8 percent to buy a car.