China's bank-card consumer confidence drops

Chinese consumers with bank cards showed slightly weaker confidence in consumption in November, according to an index released on Monday.

The Bankcard Consumer Confidence Index (BCCI). compiled by the Xinhua News Agency and China UnionPay, a national bank card association, dropped 0.13 points year on year to 86.2 points last month.

The index was down 0.5 points from September, according to a report issued along with the index. A lower reading in the index shows a decline in consumers' desire to spend.

Consumer confidence declined from the previous month as the consumption market enters a traditional slack season last month, the report said.

Last month, consumers with bank cards spent less on non-necessities than the previous month. The bracket includes home appliances, precious metals, jewelry and automobiles.

As the Third Plenary Session of the 18th Communist Party of China Central Committee, which was held in November, made detailed plans for deepening reforms, consumer confidence will strengthen in the future, unleashing potential for consumption, the report said.

The BCCI index, first released in April 2009, is based on bank card transaction data and analyses of structural changes in urban consumption.