China's bank card consumer confidence picks up

Chinese consumer confidence rebounded month on month in April for a second straight month, according to a latest index. The Bankcard Consumer Confidence Index (BCCI), compiled by Xinhua News Agency and China UnionPay, a national bank card association, edged up 0.5 points from March to 85.42 points last month. A higher reading in the index shows a boost in consumers' desire to spend. A report released along with the index attributed the rebound mainly to rising consumption of non-necessities by bank card users during the Tomb-Sweeping Day holiday from April 5 to 7 and ahead of the Labor Day holiday that fell on May 1. Consumption in tourism, hotels, transport and home appliances all saw month-on-month hikes in April, the report showed. The report forecast that consumer confidence may continue to rise on a favorable economic outlook after the government took pro-growth measures including tax cuts for small and micro-sized enterprises, as well as accelerating railway construction in central and western China. The BCCI index, first released in April 2009, is based on bank card transaction data and analyses of changes in urban consumption.