Consumption confidence
China Daily | Updated: 2012-06-21 08:28
Expanding domestic consumption is important for the stable economic growth the country needs when the world economy shows no sign of recovery. However, consumers seem to lack the confidence to spend.
A survey of depositors published by the central bank on Tuesday shows that the index of residents' confidence in future income was 53.2 percent from April to June, 1.7 percentage points lower than the previous three months, and the lowest level since the survey was first conducted in 1999.
At the same time, data released by the National Statistics Bureau showed that the total retail sales were 1,671.5 billion yuan ($262.4 billion) in May, an increase of 13.8 percent over the same period last year, but the lowest in the past 12 months.
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