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Urban Chinese react strongly to inflation
www.chinanews.cn 2006-06-19 17:44:59
Chinanews June 19 - The latest questionnaire survey conducted by the
People's Bank of China shows that urban Chinese residents react strongly
to price hikes and are not optimistic about future price trends.
Judging from the consumer price index (CPI) released by the National
Bureau of Statistics, China's CPI moved up 1.2% and 1.4% year on year in
April and May. Moreover, oil product prices continue to go up and housing
prices remain high. It turned out that urban residents react strongly to
price hikes and their degree of satisfaction has dropped substantially.
The monetary policy report issued by the Central Bank also shows that
China's future price trends will encounter many unstable factors and face
more upside risks than downside risks in general. Furthermore, attention
should be paid to potential risks of overall inflation.
Residents' judgment of current price levels will, to a certain extent,
affect expectation for next quarter's prices. Price-related survey of
this quarter reflects the index of future price expectation at 31.1%,
jumping 12.3 percentage points over the first quarter.
The survey also reveals that residents' degree of satisfaction decreased
and their expectation of future income tended to be prudently optimistic.
According to a survey for the second quarter, residents' index of current
income sentiment was 17%, a seasonal fall of 5.1 percentage points
compared with the first quarter, indicating a sharp decline.
The Central Bank said that by studying historical statistics, it can be
found out that since China commenced a questionnaire survey targeting
20,000 urban depositors in 1999, the second quarter is usually the period
recording an evident drop in residents' index of current income
sentiments. Based on analysis in related survey, as the two important
festivals of the New Year's Day and Chinese New Year fell on the first
quarter, residents will perceive a rapid rise in income owing to the
receipt of annual bonus and allowances.
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