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City's manufacturing stabilizes in July
By Wang Yanlin |
August 15, 2012, Wednesday
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Online Edition
Online Edition
Contraction of Shanghai's industrial production narrowed in July, indicating the possible economic stabilization in the city despite disappointing performances nationwide.
Industrial production decreased 0.9 percent from a year earlier to 264.1 billion yuan (US$41.9 billion) in July, compared with a cut of 3.5 percent in June, the Shanghai Statistics Bureau said this morning.
Weak external demand was still the main drag for manufacturing, as the exported industrial output slumped 7.5 percent year on year to 69.6 billion yuan last month.
The city's six pillar industries of manufacturing, namely, information technology, automobile, petroleum, refined steel, machinery equipment and biomedicine, reported a contraction of 0.5 percent in output to 174.5 billion yuan in July.
"Manufacturing remains an important part of Shanghai's economy, and the improvement in the industrial output is a signal of the possible economic stabilization," said Li Maoyu, an analyst at Changjiang Securities Co.
"The easing inflation is another positive factor for the city to secure the recovery," Li added.
The Consumer Price Index, the main gauge of inflation, expanded 2.1 percent on an annual basis in July, moderating further from the increase of 2.4 percent a month earlier.
Food costs, which account for one-third in the total basket, rose 4 percent year on year, compared with June's gain of 4.7 percent.
Yan Jun, chief economist at the bureau, said Shanghai's economy is stabilizing with a strong service sector and the improving manufacturing sector.
Industrial production decreased 0.9 percent from a year earlier to 264.1 billion yuan (US$41.9 billion) in July, compared with a cut of 3.5 percent in June, the Shanghai Statistics Bureau said this morning.
Weak external demand was still the main drag for manufacturing, as the exported industrial output slumped 7.5 percent year on year to 69.6 billion yuan last month.
The city's six pillar industries of manufacturing, namely, information technology, automobile, petroleum, refined steel, machinery equipment and biomedicine, reported a contraction of 0.5 percent in output to 174.5 billion yuan in July.
"Manufacturing remains an important part of Shanghai's economy, and the improvement in the industrial output is a signal of the possible economic stabilization," said Li Maoyu, an analyst at Changjiang Securities Co.
"The easing inflation is another positive factor for the city to secure the recovery," Li added.
The Consumer Price Index, the main gauge of inflation, expanded 2.1 percent on an annual basis in July, moderating further from the increase of 2.4 percent a month earlier.
Food costs, which account for one-third in the total basket, rose 4 percent year on year, compared with June's gain of 4.7 percent.
Yan Jun, chief economist at the bureau, said Shanghai's economy is stabilizing with a strong service sector and the improving manufacturing sector.
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