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Shanghai鈥檚 economy retains stable, though manufacturing contracts
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Shanghai's economic growth remained relatively stable in the first two months except a weak manufacturing sector, data from the Shanghai Statistics Bureau showed today.
Industrial production contracted 5.7 percent from a year earlier to 449.6 billion yuan (US$69 billion) in January and February combined , decelerating further from the cut of 3.2 percent in December of last year.
Biomedicine reported a positive growth of merely 0.1 percent in output, becoming the only one of the city's six key industries that delivered an expansion. The six key industries, namely, biomedicine, refinery, machinery, automobile, information technology and steel, lost 6.5 percent on an annual basis.
"It is partly a result of the effect of the Spring Festival holiday," said Tang Huihao, chief economist at the bureau. "But the moderation in the manufacturing sector was sharper than expected, which may require the attention of the authorities."
In the local 13th Five-Year Plan, Shanghai is determined to keep the manufacturing sector steady, which should contribute no less than 25 percent of the city's economic output. In 2015, the manufacturing sector made up 31 percent of Shanghai's total gross domestic product.
On other fronts, retail sales rose 7 percent to 170.2 billion yuan in the first two months, compared with the pace of 8.1 percent last year. Fixed-asset investment lifted 6.6 percent to 71.9 billion yuan, up from the increase of 5.6 percent in 2015.
Investment in the property sector jumped 10.3 percent to 49.9 billion yuan during the period, bolstered by a sizzling real estate market in recent months.
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