City restructuring on track as growth stable
Print Edition
Shanghai’s economy continued to grow steadily in October with trade, industrial production and fixed-asset investment rising stably, the Shanghai Statistics Bureau said yesterday.
Together with modest inflationary pressure, they created a comfortable environment for the city to push ahead with economic restructuring and reform, analysts said.
Shanghai’s trade expanded 6.8 percent from a year earlier to US$37.3 billion last month. The increase was supported by strong imports which jumped 11.2 percent while exports rose 2.1 percent.
Industrial production gained 8.1 percent to 273.7 billion yuan (US$45 billion) in October, the pace picking up from the rate of 6.4 percent in September.
Fixed-asset investment in the first 10 months increased 9.5 percent, slowing a bit from the pace of 11.1 percent in the first three quarters, data showed.
“Shanghai’s economy remained stable,” said Xue Jun, an analyst at CITIC Securities Co. “Although the city may be unable to manage double-digit growth any longer, it was successful in shifting the focus to growth quality through economic upgrading.”
In the third quarter, Shanghai’s gross domestic product rose 7.8 percent from a year earlier, up from the rate of 7.6 percent in the second quarter.
But even so, the city’s growth remained among the slowest in China’s provincial areas in the first three quarters.
“Shanghai’s advantage is not in growth speed,” said Li Maoyu, a Changjiang Securities Co analyst. “After years of rapid expansion, the city has accumulated a huge comparative base that made it difficult to realize good-looking growth rates.”
With only 0.06 percent of China’s land, 1.8 percent of its population and 1.7 percent of its investment, Shanghai produced more than 4 percent of the nation’s overall economic output.
The pilot free trade zone in Shanghai was the city’s latest move on economic restructuring. Inaugurated in late September, the program is considered a national strategy designed to accelerate the country’s reform and opening-up.
Milestone experiments, including easing of restrictions on foreign investment, further opening of the service sector and deepening financial reforms, have been tested within the 29-square-kilometer FTZ in the Pudong New Area.
Last month, the six pillar industries in Shanghai, namely, information technology, vehicle, refinery, steel, equipment machinery and biomedicine, reported a combined output of 188 billion yuan, rising 8.8 percent from a year earlier. The growth was also faster than an 8.1 percent expansion of the overall industrial production.
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