City growth slows on moderate data
Print Edition
SHANGHAI’S economic growth slowed at the start of this year, with industrial production, fixed-asset investment and trade growth all moderating, data from the Shanghai Statistics Bureau showed yesterday.
Industrial production rose 3.8 percent from a year earlier to reach 502 billion yuan (US$81 billion) in the first two months of this year.
It compared with last year’s average rate of 6.6 percent.
Fixed-asset investment gained 4 percent to 66.1 billion yuan during the two-month period, also weakening from the pace of 7.5 percent last year.
Although imports had a strong 21.5 percent expansion in February, exports plummeted 20.4 percent, which put the city’s trade at US$28.7 billion last month, up 0.7 percent on an annual basis.
To compare, Shanghai’s trade rocketed 16.5 percent in January, although it was mostly thanks to the front-loading effects of the Spring Festival holiday. In 2013, trade in the city added 1.1 percent.
Analysts said the results were largely in line with the nation’s economic performance, which reported many multi-year lows of real activity data in the January-February period.
“Shanghai cannot stand alone when the country is faced with certain economic difficulties,” said Li Maoyu, an analyst at Changjiang Securities Co. “However, the city seems to have fared relatively well with the moderation remaining modest.”
Xue Jun, an analyst at CITIC Securities Co, said Shanghai has a certain advantage in coping with economic slowdown as it is home to several big and strategic projects like the free trade zone program.
Shanghai’s GDP expanded 7.7 percent last year, equaling the national average and faster than 2012’s 7.5 percent. The city has targeted a 7.5 percent growth rate this year.
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