City's economy grows, and slows
By Wang Yanlin |
January 26, 2011, Wednesday
|
Print Edition
Print Edition
Shanghai's economy grew 9.9 percent last year, up from 2009's 8.2 percent and well above the 8 percent target. However, it slowed quarter by quarter, indicating that the city may require a new engine to drive its economy.
The city's gross domestic product expanded to 1.68 trillion yuan (US$256 billion) last year, the Shanghai Statistics Bureau said yesterday. The rates in the four quarters were 15 percent, 10.7 percent, 9.2 percent and 5.9 percent.
The growth fell short of the national average, which stood at 10.3 percent, for the third year running.
"Shanghai secured a stable growth last year," said Cai Xuchu, chief economist at the bureau. "The slower pace, especially in the last quarter, was mainly a result of higher comparative base and it reflected the demand to revamp the city's economic structure."
However, some analysts say the city needs a new engine to power its economy after the World Expo, which made a significant contribution to Shanghai's economic performance.
"Shanghai needs to find other stable sources of growth after the Expo," said Li Maoyu, an analyst at the Changjiang Securities Co. Li said they could include accelerating the development of the financial services sector.
The city's economic growth in 2010 was led by the manufacturing sector, which gained 16.8 percent from a year earlier to 713.9 billion yuan. The services industry expanded 5 percent to 961.8 billion yuan and the agricultural sector fell 6.6 percent to 11.4 billion yuan.
The World Expo last year mainly benefited retail, tourism and catering industries. The bureau said sales of Expo-related products amounted to 30.9 billion yuan while 8.51 million foreign tourists came to Shanghai in 2010, a rise of 35.3 percent from the year before.
But high inflation turned out to be a headache. Although 2010's consumer price index in Shanghai settled at 3.1 percent, it surged to 4.5 percent in December.
"Inflationary pressure will remain high this year," Cai said. "We predict it will grow between 3 and 4 percent."
Shanghai's housing market witnessed a falling number of transactions after the introduction of policies to curb speculation. But prices remained stubborn and investment in property development rocketed.
The bureau said the area of properties sold last year fell 39 percent to 20.5 million square meters, but investment in property rose 35.3 percent to 198 billion yuan.
On other fronts, Shanghai's industrial production advanced 18.4 percent year on year to 622.5 billion yuan in 2010, and fixed-asset investment upped 0.8 percent to 531.7 billion yuan.
Retail sales, bolstered by the World Expo, jumped 17.5 percent to 603.6 billion yuan, 4.5 percentage points higher than the previous year.
Exports from Shanghai in 2010 grew 27.4 percent to US$180.7 billion, while imports climbed 38.5 percent to US$188 billion.
The city's gross domestic product expanded to 1.68 trillion yuan (US$256 billion) last year, the Shanghai Statistics Bureau said yesterday. The rates in the four quarters were 15 percent, 10.7 percent, 9.2 percent and 5.9 percent.
The growth fell short of the national average, which stood at 10.3 percent, for the third year running.
"Shanghai secured a stable growth last year," said Cai Xuchu, chief economist at the bureau. "The slower pace, especially in the last quarter, was mainly a result of higher comparative base and it reflected the demand to revamp the city's economic structure."
However, some analysts say the city needs a new engine to power its economy after the World Expo, which made a significant contribution to Shanghai's economic performance.
"Shanghai needs to find other stable sources of growth after the Expo," said Li Maoyu, an analyst at the Changjiang Securities Co. Li said they could include accelerating the development of the financial services sector.
The city's economic growth in 2010 was led by the manufacturing sector, which gained 16.8 percent from a year earlier to 713.9 billion yuan. The services industry expanded 5 percent to 961.8 billion yuan and the agricultural sector fell 6.6 percent to 11.4 billion yuan.
The World Expo last year mainly benefited retail, tourism and catering industries. The bureau said sales of Expo-related products amounted to 30.9 billion yuan while 8.51 million foreign tourists came to Shanghai in 2010, a rise of 35.3 percent from the year before.
But high inflation turned out to be a headache. Although 2010's consumer price index in Shanghai settled at 3.1 percent, it surged to 4.5 percent in December.
"Inflationary pressure will remain high this year," Cai said. "We predict it will grow between 3 and 4 percent."
Shanghai's housing market witnessed a falling number of transactions after the introduction of policies to curb speculation. But prices remained stubborn and investment in property development rocketed.
The bureau said the area of properties sold last year fell 39 percent to 20.5 million square meters, but investment in property rose 35.3 percent to 198 billion yuan.
On other fronts, Shanghai's industrial production advanced 18.4 percent year on year to 622.5 billion yuan in 2010, and fixed-asset investment upped 0.8 percent to 531.7 billion yuan.
Retail sales, bolstered by the World Expo, jumped 17.5 percent to 603.6 billion yuan, 4.5 percentage points higher than the previous year.
Exports from Shanghai in 2010 grew 27.4 percent to US$180.7 billion, while imports climbed 38.5 percent to US$188 billion.
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