City hopes for GDP rebound in Q4
By Wang Yanlin |
October 18, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI'S inflation eased in September while its trade started to recover and foreign investment surged, giving hopes for a rebound in the city's economy in the fourth quarter.
Its Consumer Price Index, the main gauge of inflation, rose 2 percent year on year in September, slower than August's 2.2 percent gain, the Shanghai Statistics Bureau said yesterday.
Food costs, comprising a third of the total basket, added 3.5 percent, slowing from a 4.8 percent gain in August.
"In line with the national trend, Shanghai's inflation moderated and gave more room for policy easing," said Li Maoyu, an analyst at Changjiang Securities Co.
Last month, Shanghai's exports rose 0.7 percent from a year earlier to US$17.9 billion and imports grew 1.6 percent to US$20.3 billion, reversing a drop of more than 5 percent in exports and imports in August.
The rise in trade last month was due to shipments to the United States and other emerging markets, the bureau said, adding that exports to the European Union shed 16.9 percent on an annual basis while imports from Japan fell 7.7 percent.
Riding on the strong growth momentum due to major projects like the Disneyland theme park, foreign direct investment in Shanghai surged 35.9 percent to US$1.63 billion in September, compared with the 20.9 percent jump in August.
The positive data aroused hopes that Shanghai's gross domestic product is geared toward a recovery in the final three months of this year.
"Although the city's third-quarter growth may remain lower than expected, a rebound is hopeful in the final quarter," said Xue Jun, an analyst at CITIC Securities Co.
Shanghai's GDP grew 7.3 percent in the second quarter, below this year's target of 8 percent, while first-half growth came in at 7.2 percent.
Its Consumer Price Index, the main gauge of inflation, rose 2 percent year on year in September, slower than August's 2.2 percent gain, the Shanghai Statistics Bureau said yesterday.
Food costs, comprising a third of the total basket, added 3.5 percent, slowing from a 4.8 percent gain in August.
"In line with the national trend, Shanghai's inflation moderated and gave more room for policy easing," said Li Maoyu, an analyst at Changjiang Securities Co.
Last month, Shanghai's exports rose 0.7 percent from a year earlier to US$17.9 billion and imports grew 1.6 percent to US$20.3 billion, reversing a drop of more than 5 percent in exports and imports in August.
The rise in trade last month was due to shipments to the United States and other emerging markets, the bureau said, adding that exports to the European Union shed 16.9 percent on an annual basis while imports from Japan fell 7.7 percent.
Riding on the strong growth momentum due to major projects like the Disneyland theme park, foreign direct investment in Shanghai surged 35.9 percent to US$1.63 billion in September, compared with the 20.9 percent jump in August.
The positive data aroused hopes that Shanghai's gross domestic product is geared toward a recovery in the final three months of this year.
"Although the city's third-quarter growth may remain lower than expected, a rebound is hopeful in the final quarter," said Xue Jun, an analyst at CITIC Securities Co.
Shanghai's GDP grew 7.3 percent in the second quarter, below this year's target of 8 percent, while first-half growth came in at 7.2 percent.
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