Consumer Confidence Increases: NBS Statistics

The acceleration of China's economy has greatly enhanced the hopes and confidence of Chinese consumers, despite a slow recovery of consumer demands.

According to figures that the National Bureau of Statistics (NBS) released Wednesday, 65 percent of Chinese consumers expect the economy to exceed seven percent this year. Sixty percent believe that the economy will grow faster than last year.

While becoming increasingly optimistic about the future of the economy, there are concerns about the future of their own economic livelihood.

In January, statistics show that only 39 percent of consumers predicted an improvement in their economic situation in the next 12 months, three percentage points less than last December.

Thirty two percent thought that they were better off than one year ago, four percentage points less than in the previous month.

According to NBS, employment comes first among the concerns of consumers. Other major factors affecting consumer confidence include possible increase on education, medical care, insurance and housing.

NBS said that these uncertainties have discouraged consumers to spend at present and therefore increase difficulties in improving the consumer market. According to NBS, the government should develop a sense of stability and security among consumers.

In January, the Consumer Expectation Index dropped by a marginal 0.1 points from last December to 95.2 points.

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