Data indicate economy stabilizes in Shanghai
Print Edition
SHANGHAI’S economy stabilized in October as growth in inflation slowed while retail sales, trade and investment all rose, data from the Shanghai Statistics Bureau showed yesterday.
The city’s Consumer Price Index, the main gauge of inflation, rose 2.4 percent from a year earlier in October. The pace was slower than 2.7 percent in September.
Retail sales expanded 10.1 percent to 81.1 billion yuan (US$13.2 billion) last month, stronger than the increase of 8.6 percent in September.
Trade jumped 6.5 percent in October, with exports gaining 6.3 percent and imports adding 6.8 percent. Trade edged up 2.1 percent in September.
Fixed-asset investment rose 4.9 percent in the first 10 months, compared with 4.3 percent in the first three quarters.
“Shanghai’s economy has been stable against a national slowdown,” said Li Maoyu, an analyst with Changjiang Securities Co, attributing the stability to the construction of the pilot free trade zone, the Disneyland theme park and other innovative projects.
Yesterday, the landmark Shanghai-Hong Kong Stock Connect was launched, pushing Shanghai to the forefront of China’s financial reforms that create huge business opportunities.
Shanghai’s gross domestic product grew 7 percent in the first three quarters, with the first half of this year posting 7.1 percent growth and the first quarter rising 7 percent.
In the year up to the end of September, the city’s GDP totaled 1.66 trillion yuan. The services sector surged 8.5 percent to 1.04 trillion yuan, and manufacturing added 4.6 percent to 610 billion yuan, indicating the depth of services in Shanghai’s economic transformation.
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