CARS topped consumer shopping lists, according to a report on the Shenzhen commercial index for the first three quarters of 2010.
The report was released Tuesday by the city science, industry, trade and information technology commission and China Development Institute (Shenzhen).
The index for the retail industry increased by 14.21 percent during that period, a substantial recovery since the financial crisis of 2008.
The index chart from 2007 to the third quarter this year indicated a V-shaped curve, showing the index had bottomed in the fourth quarter of 2008 and gradually risen since then.
It rebounded after a slight fall in the first quarter this year.
Indexes representing the total volume of consumer spending of disposable income, the total number of tourists, exports and imports, and employee salaries all rose compared with the same period last year.
Investor confidence also grew steadily with 60 percent of investors saying they were willing to increase investment.
The report was based on economic operational data and a survey of consumers and companies.
The commercial index, a barometer of the city s retail industry, is published quarterly.
The total retail volume in Shenzhen was expected to reach 300 billion yuan (US$45 billion) by the end of the year, fourth among major cities across the country, said an unidentified commission official.
Shenzhen aimed to transform the economy into one driven by consumers rather than spurred by exports, the unidentified official told reporters.
An increasing number of Shenzhen residents went shopping in Hong Kong and some were concerned this trend could affect business in Shenzhen.
However, he said the trend of shopping in Hong Kong would not have an impact on Shenzhen and authorities were unlikely to curb it.
Shoppers going to Hong Kong concentrate in milk powder, luxury goods and daily commodities but they would not make much difference to the overall retail sector. (Tina Chen)
