(Yicai Global) July 12 -- Shanghai's consumer confidence index compiled by Shanghai University of Finance and Economics (SUFE) remained high in the second quarter, despite a decrease from the previous quarter, latest data show.
Shanghai's consumer confidence index stood at 117.6 points in the second quarter, down 1.5 points from the quarter before, but up 8.6 points from a year ago, and has stayed at high levels.
This was the finding of the latest survey results the Research Center for Applied Statistics at SUFE and the Shanghai Social Survey Research Center's SUFE Branch published yesterday.
The index of consumer confidence in Shanghai and its sub-indexes fell moderately in the second quarter from the previous quarter, but have risen substantially each year and remained at high levels, said Xu Guoxiang, director of SUFE's Research Center for Applied Statistics. Xu cited three reasons for Shanghai's buoyant consumer confidence index in the second quarter. First, the Chinese economy has stabilized and improved, risks in the financial sector are under control following nearly a year of regulatory efforts, and consumers are confident the economy will run within a reasonable range. Second, the world economy has recovered after the global financial crisis. Third, China's overall strength and ability to combat crisis have improved.