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Urban residents show more willingness to invest, spend: survey
(Xinhua)
Updated: 2009-12-17 14:37
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Chinese urban residents showed more willingness to invest and spend in the fourth quarter this year, according to a survey launched by the nation's central bank.
The People's Bank of China survey showed 42.1 percent of urban residents chose to put their money in investment, such as property market, bonds and funds.
The figure was up 0.5 percentage points from the previous quarter and the highest within the year as China's economic recovery boosted investor confidence, according to the survey carried out in 50 major Chinese cities.
Bank deposits became the second popular place for Chinese to park their money with 42 percent of residents in the fourth quarter say they will save more. The figure declined for the third straight quarters from 47 percent in the second quarter.
Nearly 14 percent of respondents said they had plans to buy cars in the next three months, the highest level since the central bank began its quarterly surveys in 1999.
China raised auto purchase tax to 7.5 percent for vehicles with 1.6-liter engines or less from next year but continued other supportive measures such as subsidies for fuel-effcient cars and replacement of old vehicles.
