(Yicai Global) April 12 -- Consumer confidence among residents of Shanghai has climbed to the highest point in a year, as they upgrade their appraisal of China’s economic recovery and outlook.

The Shanghai Consumer Confidence Index rose to 111.9 in the three months ended March 31, up 11.2 points from the prior quarter and 7.5 points from a year earlier, according to survey data from Shanghai University of Finance and Economics released today. A level above 100 indicates optimism.

The increase can be attributed to China's improved economic performance and various indicators having a good start last quarter, further boosting consumer confidence, said SUFE researchers.

The consumer appraisal index stood at 105.9, up 9 points from a quarter ago and 4.9 points from the same period in 2022. The consumer expectations index was 117.9, compared to 104.5 in the fourth quarter of last year and 107.9 a year earlier.

Policies have begun to take effect as property demand has risen since the start of this year. The home-buying intention index was 81.2 in the first three months of this year, jumping 16.1 points from the prior quarter but falling 9.9 points from a year ago. The home-buying expectations index rose 18.5 points to 78.7 quarter-on-quarter, a 4.5 point year-on-year gain.

Editor: Martin Kadiev