The confidence of Shanghai consumers picked up during the third quarter of the year due to growing support for policy and improving recognition of China's "new normal" economic status, a recent survey showed.
Shanghai's Index of Consumer Sentiment rose to 116.1, higher by 9 points than the preceding April-June quarter. The Shanghai University of Finance and Economics said that a figure of 100 points and above translates to consumer optimism.
Applied Statistics Reseach Center director Xu Guoxiang said that the economic situation in China has attained the "new normal" status, which means that economic growth is slower but gradual and continuous.
"The central government launched targeted stimulus gradually in the past months, guaranteeing a bottom line," said Xu. The government's decisions also gave people confidence, the director added.
The data further revealed that the collective economic confidence in Shanghai added 8.2 points to the total 141.5 points in the July-September quarter.
Because people were more confident in spending money on products during the third quarter, an additional 10.8 points were added to the previous quarter's 72 consumer confidence points.
Particularly when it comes to purchasing cars, the survey revealed a peak of 85.8 points in the last four years.
There was also a renewed optimism with buying a new home. According to the survey, the index that measures consumers' desire to buy real estate increased 14.6 points to total 54.2 points in the third quarter.