Living in China: More people in Shanghai unhappy about Income
The income index for the second quarter of this year set a record low of 114.8 points, 3.8 points lower than that of the first quarter and 7.5 points lower than the last quarter of 2007, according to the survey on consumption confidence conducted by Shanghai University of Finance and Economics (SUFE).
Among the 1,000 surveyed, 13.3 percent said their income shrank over the past year, 4.4 percent higher that that of the first quarter. People’s employment expectation index dropped by 23.5 to stand at 84.7 points, and 35.9 percent of the surveyed were pessimistic about job opportunities in the second half of the year.
In addition, 62.6 percent Shanghai citizens thought it was not a good time to buy houses right now, and 55.7 percent would not consider buying one this year.
The survey also shows that about half of the surveyed were negative about buying cars either now or in the second half of the year.
However, official statistics showed that the annual per capita disposable income in Shanghai’s urban areas last year increased by 14.3 percent as against that of 2006, and that in rural areas increased by 11 percent year on year.
The Chinese stock markets have fallen drastically since October last year, while the consumer price index has continued to rise, both hitting people’s incomes, according to Xu Guoxiang, professor of economics with SUFE.