BIZCHINA / Center
Securities become residents' top investment option
(chinadaily.com.cn)
Updated: 2007-06-21 14:45
Recent interest rate hikes and stock market corrections have not affected
people's enthusiasm for stocks and funds. According to a survey released
today by the central bank, more than 40 percent of Chinese residents
favor stock and fund investments, for the first time taking the place of
savings as Chinese people's favorite investment option.
Conducted in late May among residents in 50 Chinese cities, the survey
shows 40.2 percent of residents name stocks and funds as their preferred
investment choice, almost 10 percent higher than in the first quarter. In
contrast, the number of residents choosing to save dropped for the third
consecutive season to a six-year low of 26.3 percent.
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In the second quarter, bank deposits accounted for only 52.3 percent of
residents' major financial assets, on average 15.7 percent lower than in
2005.
The survey also shows the percentage of residents satisfied with current
price level has declined for the past five quarters to 8.4 percent, while
29.5 percent claim the high prices "hard to accept". Of those surveyed,
families with medium and low incomes are affected more seriously by the
price hike for meat and eggs. Forty percent of households earning less
than 2,000 yuan (US$263) a month expressed their dissatisfaction with the
current price levels.
Residents' willingness to consume also fell to 19.5 percent from 28.2
percent a year ago. Interest in buying property and consumer products
dropped to their lowest points at 15.8 percent and 25.5 percent
respectively, according to the survey.
(For more biz stories, please visit Industry Updates)
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