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Banks gain as stocks, property slide

By Qian Yanfeng (China Daily)
Updated: 2008-08-13 13:37

As the summer cools in the city, so it seems is the equity market, with an increasing number of people choosing to put their money in banks amid the increasing uncertainty over the slowing economy.

Statistics from the Shanghai headquarters of the central bank show bank deposits in the city have been growing steadily in the past seven months. In July, bank savings increased by 10.8 billion yuan over the previous month, an increase of 20 billion yuan over the corresponding period of last year. Over 90 percent of the newly added savings are fixed deposits, according to the report, pointing to dampened investment mood among consumers.

"More money previously invested in the stock and property market is now flowing back to the banking system as the sluggish equity and real estate markets keep weighing down consumer sentiment." Zhang Jiang, analyst at Shanghai Orient Securities, told China Daily.

People have a reason to worry. The Shanghai Composite Index plunged a total of more than 10 percent in only three trading days to its lowest in 19 months, while statistics from China Real Estate Index Academy showed that housing sales in Shanghai in the first half dipped 27.6 percent from last year to 8.85 million sq m. Banking as an all-time alternative has never appeared so gratifying as it does now.

For many people, such a shift to more conservative investments, if not able to haul back their losses, could at least guard against further evaporation of their hard-earned money.

Zhu Jianchang, a retiree in his 60s, said his investment in the stock market has shrunk by 60 percent since March this year, when he thought the 4000-point entry level was a good bet. But he was hit hard by his over optimistic judgment.

Discouraged by what he described as "an irretrievable loss," Zhu said he had reached an agreement with his wife not to invest in equity anymore. "At this time of uncertainty, banks are obviously much safer," he said.

"Banks are not all about small returns," said an employee surnamed Ju from the Shanghai-based Invista.