Caixin, Yili, BBD Launch Index to Track How Chinese Spend Their Money
(Beijing) — A new index that aims to capture the evolving consumption habits of affluent Chinese consumers was launched Tuesday.
The Yili New Economy Consumption Index (NECI), which is still in beta testing, is jointly compiled by dairy producer Yili Group, Caixin Media Group and big-data compiler BBD, the companies said at a joint news conference.
The index tracks two trends — consumption quality and consumption allocation — based on Chinese government statistics and data from e-commerce platforms.
The NECI’s launch comes at a time when China is trying to transform its economy to be more driven by consumption, rather than credit-fueled investment.
The consumption quality sub-index measures how much the population is shifting toward consuming higher-quality goods and services over time. It stood at 102.1 in May, up from 102 in April and 100 in March.
The increasing number means the population consumed more higher-quality goods and services from March to May.
The consumption allocation sub-index measures how various income groups change their expenditure allocation over a range of goods and services over time. The sub-index showed that Chinese consumers spent more on education, recreation and health care, and less on food, alcohol and tobacco over the March-May period.
Consumption has been a major growth driver for China's economy since 2014. It accounted for 64.6% of China’s gross domestic product growth in 2016, up 4.9 percentage points from 2015, according to data from the National Bureau of Statistics.
“First-tier cities are taking the lead in this upgraded consumption pattern,” said Wang Zhe, senior economist of Caixin Insight Group, who spoke at the news conference. “The small cities will soon follow.”
Contact reporter Pan Che (email@example.com)
Apr 09 05:51 PM
Apr 09 04:54 PM
Apr 09 02:08 PM
Apr 08 07:01 PM
Apr 08 07:00 PM
Apr 08 05:11 PM
Apr 08 01:30 PM
Apr 07 06:52 PM
Apr 07 02:03 PM
Apr 06 06:55 PM
Apr 06 05:03 PM
Apr 06 01:50 PM
Apr 02 06:28 PM
Apr 02 05:42 PM
Apr 02 03:55 PM
- 1Call of Duty Mobile Developer Outplays Games Publisher as Timi Studio Earns More Than Activision Blizzard
- 2Huawei Deactivates AI and Cloud Business Group in Restructuring
- 3China Services Expansion Hits Three-Month High, Caixin PMI Shows
- 4China Signals Willingness to Further Open Up Its Military-Controlled Skies
- 5Cover Story: How a Gigantic Ship Shows the Fragility of Global Trade
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas