China consumer confidence rebounds in q1

April 22 -- The consumer confidence index (CCI) in China rose by eight points from the fourth quarter of 2010 to 108 in the first quarter of 2011, according to People’s Daily, citing a survey conducted by the China Economic Monitoring and Analysis Center (CEMAC) and the National Bureau of Statistics.

According to Pan Jiancheng, the deputy director of CEMAC, the continued stable and rapid growth in the Chinese economy helped to boost consumer confidence.

The CCI in the rural areas rose by six points to a two-year high of 113.

The CCI in urban areas rebounded, with the index increasing by six points to 101 in first-tier cities while the reading in second-tier cities was up by seven points to 105.

A majority of consumers were satisfied with their current jobs and are increasingly optimistic about their employment prospects over the next 12 months.

The survey revealed that there was a significant increase in the number of consumers who expected their incomes to rise over the next year. A total of 71 percent of consumers said their incomes over the next 12 months will be "good" or "very good" while 73 percent of consumers in rural areas were optimistic about their incomes, an increase of eight percentage points quarter-on-quarter.

According to the survey, 38 percent of consumers believe that it was a good time for them to purchase products that they needed, an increase of eight percentage points from the fourth quarter of 2010.

A total of 81 percent of consumers believe inflation will continue to rise over the next 12 months, down two percentage points from the last quarter.