City seen to post lower GDP data in H1
By Wang Yanlin |
July 21, 2011, Thursday
|
Print Edition
Print Edition
SHANGHAI is set to release its key economic data for the first half of this year on Friday, and analysts said the city may turn in a less robust performance than some regions whose growth rates were higher than China's average.
"Shanghai has a larger comparative base than other places," said Yang Chen, an analyst at Industrial Securities Co. "It is natural that Shanghai's gross domestic product growth will be slower than China's average, as the city is a pioneer in economic restructuring and upgrading."
Yang forecast Shanghai's economy to grow by an annual 9 percent in the year through June, compared with China's 9.6 percent.
"Shanghai now depends more on advanced technology and modern services to drive its economy," said Li Maoyu, an analyst at Changjiang Securities Co. "This growth model requires more time, more capital and more efforts to build up infrastructure, therefore a slower growth rate than others should not become a source for worry."
Shanghai's economy grew 9.9 percent on an annual basis to 1.68 trillion yuan (US$259 billion) in 2010, slower than the country's 10.3 percent. Last year was the third consecutive year that Shanghai reported a lower growth rate than the national level.
Meanwhile, figures already available showed that some inland regions expanded faster.
Sichuan's gross domestic product climbed 14.5 percent year on year in the first six months, far exceeding the nation's rate. The province's GDP was driven by a surge in manufacturing, which benefited from an increasing number of factories relocated from coastal cities.
Jiangxi Province's economy expanded 13 percent from a year earlier between January and June.
"Shanghai has a larger comparative base than other places," said Yang Chen, an analyst at Industrial Securities Co. "It is natural that Shanghai's gross domestic product growth will be slower than China's average, as the city is a pioneer in economic restructuring and upgrading."
Yang forecast Shanghai's economy to grow by an annual 9 percent in the year through June, compared with China's 9.6 percent.
"Shanghai now depends more on advanced technology and modern services to drive its economy," said Li Maoyu, an analyst at Changjiang Securities Co. "This growth model requires more time, more capital and more efforts to build up infrastructure, therefore a slower growth rate than others should not become a source for worry."
Shanghai's economy grew 9.9 percent on an annual basis to 1.68 trillion yuan (US$259 billion) in 2010, slower than the country's 10.3 percent. Last year was the third consecutive year that Shanghai reported a lower growth rate than the national level.
Meanwhile, figures already available showed that some inland regions expanded faster.
Sichuan's gross domestic product climbed 14.5 percent year on year in the first six months, far exceeding the nation's rate. The province's GDP was driven by a surge in manufacturing, which benefited from an increasing number of factories relocated from coastal cities.
Jiangxi Province's economy expanded 13 percent from a year earlier between January and June.
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