Shanghai retailers’ tills go ka-ching
Print Edition
SHANGHAI’S retail sales grew 8 percent from a year earlier to 400.6 billion yuan (US$64.5 billion) in the first five months of this year, the Shanghai Statistics Bureau said yesterday.
The expansion overtook the increase of 7.8 percent in the first four months.
But industrial production was stagnant last month, with output being flat from a year earlier. In April, the output grew an annual 0.1 percent.
Fixed-asset investment gained 7.5 percent to 201.5 billion yuan in the January-May period, with more funds pumped into urban infrastructure construction and less capital went into manufacturing. Investment in property development gained 15.5 percent.
But services have become an indisputable driver of the city’s economy as the sector produces 67 percent of the total output.
Shanghai’s gross domestic product expanded 6.6 percent from a year earlier in the first quarter, slower than the 7 percent nationwide during the same period, and 0.4 percentage points below the city’s growth last year.
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