BCCI index hits record high
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Chinese are more willing to spend money amid the waning of the global economic downturn, as indicated by the latest reading of an index that gauges consumer confidence Friday.
The Bankcard Consumer Confidence Index, a barometer compiled by Xinhua News Agency and China UnionPay, rose 1.62 points to a record 86.89 in March.
The latest reading showed China's bankcard holders maintained their optimistic economic outlook, which boosted confidence in consumption, said the index report.
The annual sessions of China's top legislature and top political advisory body in March had sent clear signal with a series of economic targets and eased consumer worries about possible macro control and policy tightening, said the report.
Improved consumer confidence lifted bankcard purchases on non-essential items and pushed up the BCCI index, said the report.
Xinhua News Agency and China UnionPay, a national bankcard association, jointly started compiling the BCCI index in April 2009 based on bankcard transaction data and analysis of structural changes in urban consumption.
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