Economy in city to grow 8% next year
By Wang Yanlin |
December 17, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI'S economy is expected to grow 8 percent in 2011, the same rate targeted for this year, a city official said yesterday.
In the first half, Shanghai's gross domestic product gained 12.7 percent year on year.
The city aims to further enhance the weight of the services industry, although the sector's development scaled back a bit this year, Xiao Lin, deputy director of the Shanghai Development and Reform Commission, said.
According to the city's top economic planning agency, output of Shanghai's services industry may account for between 57 and 58 percent of the total GDP in the city, down from 59.4 percent in 2009.
"This is mainly due to the lackluster performance of Shanghai's stock and housing markets," Xiao explained.
Under stricter regulations and tightening policies to deflate an asset bubble, property transactions in Shanghai dropped sharply, although house prices remained high.
Xiao also said the city's inflationary pressure will remain high next year, but did not set any target.
In November, Shanghai's Consumer Price Index, the main gauge of inflation, increased to this year's high of 4.3 percent, powered by a 10.9 percent surge in food.
Mayor Han Zheng said this week that Shanghai will pay "especially close" attention to dealing with inflation next year and will curb runaway price increases.
Shanghai's economy delivered mixed signals as November's trade value surged to a new high but retail sales growth moderated and investment dropped. But analysts are confident the city will achieve its target of 8 percent growth this year.
In the first half, Shanghai's gross domestic product gained 12.7 percent year on year.
The city aims to further enhance the weight of the services industry, although the sector's development scaled back a bit this year, Xiao Lin, deputy director of the Shanghai Development and Reform Commission, said.
According to the city's top economic planning agency, output of Shanghai's services industry may account for between 57 and 58 percent of the total GDP in the city, down from 59.4 percent in 2009.
"This is mainly due to the lackluster performance of Shanghai's stock and housing markets," Xiao explained.
Under stricter regulations and tightening policies to deflate an asset bubble, property transactions in Shanghai dropped sharply, although house prices remained high.
Xiao also said the city's inflationary pressure will remain high next year, but did not set any target.
In November, Shanghai's Consumer Price Index, the main gauge of inflation, increased to this year's high of 4.3 percent, powered by a 10.9 percent surge in food.
Mayor Han Zheng said this week that Shanghai will pay "especially close" attention to dealing with inflation next year and will curb runaway price increases.
Shanghai's economy delivered mixed signals as November's trade value surged to a new high but retail sales growth moderated and investment dropped. But analysts are confident the city will achieve its target of 8 percent growth this year.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
