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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.

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