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City's industrial output plummets for January

SHANGHAI'S industrial output dropped significantly last month affected by the global financial crisis and the Chinese New Year holiday, the city's statistics bureau said.

Industrial output fell 21.4 percent from a year earlier in January to 142.55 billion yuan (US$21 billion) and the monthly decline widened 7.8 percentage points from December, according to the Shanghai Statistics Bureau.

Shanghai has posted an increasingly slower industrial output growth since last September and dropped for a third month.

"The city's industrial output has been severely hit by the slumping global demand as a fallout of the financial crisis. The Lunar Chinese New Year break was also an important factor for the lower output," said Zheng Weimei from the bureau.

The Chinese Lunar New Year holiday fell in January this year and working days last month were three fewer than for the same period last year. Industrial output would drop 12.7 percent on a year-by-year base if the impact of the holiday break was excluded.


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