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China's consumer confidence index stood at 106 for the third quarter


11-30-2016 00:17 BJT

China's consumer confidence index for the third quarter stood at 106. That was the same as in the last quarter and the same period last year. A reading above 100 shows consumer sentiment is moving upwards. Four major economies -- the United States, Great Britain, Germany, and India -- also saw their figures above 100.

When we take a closer look at China's consumer morale, we are seeing rising optimism in all urban areas. That's especially the case in the second-tier cities, where the consumer confidence index shot up to 110 from 105. Analysts say China's rising investments and improving labor market have boosted people's outlook.

Geographically, Chinese consumers have different purchasing habits. Those in eastern China and in coastal areas pay more attention to diversity of goods and convenience of buying. People in western China spend more on household items, including groceries, and water and electricity.

And speaking of consumption, many less privileged groups many see their wallets fatter, as the Chinese government's policy favors help them with the Chinese dream

The Chinese government decided in April to increase pensions by around 6.5 percent this year. A majority of local authorities have put out their own measures to implement the decision. Now the income of more than 100 million retirees has been raised.

The State Council put out a statement in October to lower the base number for social security expenses by including more low salary earners in the calculation. In this way, employers and employees would have lower monthly payments. That's especially important for low-income earners, as they previously had to pay more than their fair share of social security.

Chinese customs axed import tariffs on many kinds of goods starting on January the first. Imported luggage, clothing, blankets, and sunglasses were beneficiaries. Analysts say consumers are expected to pay less when buying those foreign goods.

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