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Buoyant city sales and investment
By Wang Yanlin |
September 17, 2009, Thursday
|
Online Edition
Online Edition
SHANGHAI'S economy in August kept a steady growth momentum, with resilient retail sales and investment making up for slumping exports.
Shanghai's retail sales expanded 14.6 percent from a year earlier to 43.9 billion yuan (US$6.42 billion) in the month, accelerating from rises of 14.3 percent in July and 14.1 percent in June.
Fixed-asset investment in the first eight months grew 12.3 percent to 316.6 billion yuan, compared with the gain of 14.4 percent in the first seven months and 9.6 percent in the first half, according to the Shanghai Statistics Bureau.
"Shanghai's economic performance is at least stable," said Li Maoyu, an analyst at Changjiang Securities Co. "Although the falls in the city's gross domestic product are comparatively steep, the underlying economic elements remain healthy."
Li said Shanghai should be able to meet the target for 9 percent growth this year despite challenges from weak exports.
Shanghai's GDP grew 5.6 percent on an annual basis in the January-June period, the second worst performer in the Chinese mainland because of the high base and its more export-reliant manufacturing sector.
In August, exports in the city declined 23 percent year on year to US$12 billion, little changed from the drop of 24.1 percent a month earlier.
"Local consumption and investment need to uphold their growth momentum because it is uncertain when external demand will be restored," Li said.
Shanghai's retail sales expanded 14.6 percent from a year earlier to 43.9 billion yuan (US$6.42 billion) in the month, accelerating from rises of 14.3 percent in July and 14.1 percent in June.
Fixed-asset investment in the first eight months grew 12.3 percent to 316.6 billion yuan, compared with the gain of 14.4 percent in the first seven months and 9.6 percent in the first half, according to the Shanghai Statistics Bureau.
"Shanghai's economic performance is at least stable," said Li Maoyu, an analyst at Changjiang Securities Co. "Although the falls in the city's gross domestic product are comparatively steep, the underlying economic elements remain healthy."
Li said Shanghai should be able to meet the target for 9 percent growth this year despite challenges from weak exports.
Shanghai's GDP grew 5.6 percent on an annual basis in the January-June period, the second worst performer in the Chinese mainland because of the high base and its more export-reliant manufacturing sector.
In August, exports in the city declined 23 percent year on year to US$12 billion, little changed from the drop of 24.1 percent a month earlier.
"Local consumption and investment need to uphold their growth momentum because it is uncertain when external demand will be restored," Li said.
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