Consumer confidence on a 5-yr high: Nielson

Chinese consumer confidence in the fourth quarter of 2013 reached its highest level in the past five years, according to a Nielsen report released on Wednesday.

The index by Nielsen reached 111 points in the fourth quarter, ending the year three points higher than it started and five points higher than the same period in 2012, according to findings from Nielsen.

"The strong increase in Chinese consumer confidence is mainly due to a stabilized GDP growth, a resilient labor market and steady household income growth," said Yan Xuan, president of Nielsen Greater China.

Key factors were better job prospects, which saw an increase of three percentage points, and stronger purchase intentions, which rose by four percentage points, Yan added.