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China's consumer confidence index drops in Q3

(Xinhua)
Updated: 2008-10-13 21:01

BEIJING - China's consumer confidence index (CCI) shrank slightly in the third quarter amid global financial turmoil.

The index fell 0.3 points from the previous quarter to 93.8, said the National Bureau of Statistics (NBS) on Monday.

The index was 3.2 points lower than the same period last year.

The CCI, which measures consumers' opinions on employment, the economy, regular income, the stock market and quality of life, was released after the disclosure of a lower entrepreneurial confidence index and a lower business climate index, both year-on-year figures for the third quarter.

The NBS said on Friday the entrepreneurial confidence index dropped to 123.8 in the third quarter, 11 points lower than the previous quarter and 19.2 points lower from the same period last year.

It also revealed the business climate index dipped 16.1 points to 128.6 from last year's third quarter.

China's economic growth has slowed for four straight quarters.

The government switched from the single goal of taming high inflation to the dual focus of ensuring fast, stable growth while controlling price rises.

Last Wednesday, the People's Bank of China, the central bank, announced deposit and lending rates would be lowered by 0.27 percentage points and the reserve-requirement ratio would be reduced 0.5 percentage points starting October 15.

The central bank cut interest rates September 15 for the first time in six years.