Home Business Politics Life Culture��Edu Sci��Tech Sports Photos
��Search
China Observer
�� 5 new characteristics of China's population
�� Chinese males value marriage and family
�� Chinese Youth maturing late psychologically
Photos
�� Zandra Rhodes' creation at Dalian Fashion Festival
�� New Silk Road World Modeling Contest opens
�� Traditional handicraft industry: grass cloth weaving
��Home>>Business
City dwellers prefer saving to spending
www.chinanews.cn 2005-09-14 11:24:34
(Source: China Daily)
BEIJING, Sept. 14 - Urban Chinese residents' willingness to spend was
down in the third quarter but, paradoxically, retail sales showed robust
growth last month.
According to the third-quarter nationwide survey of urban depositors by
the central bank, more residents prefer putting their money away in banks
than increase consumption.
The survey of 20,000 residents of China's main 50 cities conducted by the
People's Bank of China found that only 29.8 per cent want to spend more
in the third quarter.
The figure fell 0.8 percentage point compared with the second quarter and
decreased 2.5 percentage points compared with the same period a year ago.
However, retail sales, an important indicator of consumption demand, rose
a strong 12.5 per cent year-on-year in August to 504.1 billion yuan
(US$62.2 billion), according to the National Bureau of Statistics.
Qi Jingmei, a senior economist with the State Information Centre, said
the two sets of figures were not contradictory.
"People usually save money to spend on big-ticket items such as cars and
houses," she said. "More savings for the future means less consumption at
the moment."
The central bank's survey suggests that 37.9 per cent of the residents
prefer to save more money in banks, an increase of 1.6 percentage points
from the second quarter and 4.5 percentage points from the same period a
year ago.
Chinese residents' keenness to buy private homes continued to be low,
although their willingness to own homes picked up slightly.
Copyright� 2004 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.
Disclaimer: viewpoints in the website do not represent China News Service
Learn Chinese, Learn mandarin
No comments:
Post a Comment