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Consumer Sentiment Surges in First Quarter
Chinese consumer confidence rose to the highest level over the past two years in May, the National Bureau of Statistics (NBS) said Wednesday.
Bureau figures show that the index of consumer expectation rose 97 points in March, the highest point since 1999. The index is designed to indicate consumers' confidence on the current state of the economy.
At the same time, the index of current economic conditions rose to 95.1 points, while the consumer sentiment index surged to 98.4 points.
The index of current economic conditions reflects the consumers ' willingness to spend. And the consumer sentiment index shows the consumers' expectations on household income and health of the economy in the near future.
According to the NBS, the most important factor for the surge in consumer confidence over the first three months of the year was increasing household incomes and expected income growth in the future.
The second factor was the consumers' confidence in the performance of the economy in the near future. The figures showed that nearly 55 percent of the consumers believe that the economy will improve or remain the same in one year.
The third factor for the improvement of consumer sentiment was favorable government policies, including the measures that the government has adopted to carry out the development plan for the next five years, increase the income of low-income sections and enhance social security.
However, the NBS pointed out that the pessimistic outlook of low-income groups and its impact on consumption are far from negligible.
The NBS figures show that while government officials, corporate managers, professionals, technical personnel and private business persons are comfortable with the prospect of a rise in income, only 27 percent of the grassroots level government and corporate employees, retirees and laid off workers expect their income to increase in the near future.
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