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City's inflation grows but falls below national average
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SHANGHAI'S Consumer Price Index expanded 2.5 percent from a year earlier in September, according to the Shanghai Statistics Bureau.
The pace accelerated from the increase in the annualized rate of 2.1 percent in August but was much lower than the national average jump of 3.1 percent.
In the first three quarters, Shanghai's inflation rose 2.2 percent year on year.
Meanwhile, the bureau said the city's fixed-asset investment gained 11.1 percent year on year in the first nine months, with the investment in real estate surging 20.7 percent. The FAI growth slowed a bit from the expansion of 12 percent in the first eight months.
In September alone, Shanghai's trade added 4.1 percent on an annual basis as exports rose 2.7 percent to US$18.4 billion and imports increased 5.3 percent to US$21.4 billion.
Shanghai's gross domestic product expanded 7.7 percent year on year to 1.02 trillion yuan (US$164 billion) in the first half. The rate slowed a bit from the increase of 7.8 percent in the first three months but was higher than the national average of 7.6 percent between January and June. The third-quarter growth rate is to be released soon.
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.
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