Wednesday, August 12, 2020

More Chinese residents want to increase consumption in Q2: central bank

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BEIJING, July 5 (Xinhua) — More Chinese urban residents expressed enthusiasm about increasing their spending in the second quarter of this year, said a central bank survey. Among the 20,000 urban bank depositors surveyed in 50 cities across China, 23.4 percent signaled a willingness to spend more in Q2, up 1.3 percentage points from the previous quarter, according to a survey conducted by the People’s Bank of China, the central bank. Respondents who are willing to increase savings in Q2 accounted for 52.9 percent, down 0.1 percentage points from Q1. The survey showed residents expected to increase their spending mostly on education, medical care and tourism in the next three months. Meanwhile, their willingness to increase investment shrank, with 23.8 percent of the respondents planning more investment in Q2, down by 1.2 percentage points from a quarter ago. Financial products from banks, brokerage firms and insurers topped the list of the respondents’ favorite investment options, followed by trust funds and stocks, according to the survey.

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