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More urban residents willing to increase investment

(chinadaily.com.cn)
Updated: 2009-09-25 15:39

Results of the latest survey from the People's Bank of China show more urban residents want to save or invest their money and less want to spend it.

The survey of the indices of urban residents' confidence on income and price level was completed between mid and late August this year.

Related readings:  China urges foreign nations 'open' to overseas investment  CIC to increase investment in all classifications  Medical insurance to cover all urban residents this year

It was held among the depositors in 50 large, medium and small cities nationwide and the results were released on the website of the bank on September 24.

According to the survey, 43.1 percent of the urban residents surveyed prefer to deposit their money and 15.3 prefer to spend it, down 3.9 percent and up 0.2 percent respectively. About 41.6 percent choose to increase their investment, the third increase in three quarters in a row, showing more residents are willing to list investments in their financial portfolio.

The survey also shows 62.5 percent of the urban residents think the current housing prices are too high and 41.5 percent think the prices will keep soaring in the second half of this year.

But those willing to purchase cars and houses also increase in the third quarter. About 17.1 percent of the residents plan to buy apartments and 12.8 percent will buy cars in the next three months, with the percentages growing by 1.3 and 0.6 percentage points respectively.