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December 17, 2009

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Home » Business » Economy

Exports fall at slower speed

Shanghai's exports fell at a slower pace in November - the latest sign pointing to a recovery in the city's economy - while industrial output and retail sales rose and foreign direct investment was steady.

Exports in Shanghai fell 5.3 percent from a year earlier to US$13.4 billion last month. The drop eased from a decline of 10.7 percent in October, the Shanghai Statistics Bureau said yesterday.

Imports unexpectedly rose 26.7 percent on an annual basis to US$12.7 billion last month, after falling 9.2 percent a month earlier.

"Overseas demand is recovering faster than our expectations," said Chen Lu, an analyst at the Haitong Securities Co.

"It is a good sign for Shanghai to return quickly to economic growth. Surging imports also indicated rising demand among manufacturers, with industrial production expanding rapidly."

Shanghai's industrial output grew 15.1 percent from a year earlier to 224.6 billion yuan (US$32.8 billion) in November, further accelerating from the 12-percent climb in October.

Shanghai Mayor Han Zheng said earlier this month that the city should be a role model in developing an innovation-led growth pattern.

To nurture the spirit of innovation, Shanghai has decided to allocate 10 billion yuan of government funding to aid start-up firms in targeted high-tech businesses, including clean energy, new materials, biomedicine and information technology.

Last month, Shanghai imported US$4.86 billion worth of advanced technology products, a jump of 21.8 percent from a year ago.

Shanghai's economy is likely to grow 9 percent this year. The city's gross domestic product rose 9.8 percent year on year in the third quarter, picking up from the advances of 7.9 percent in the second quarter and 3.1 percent in the first three months.

Shanghai's retail sales climbed 13.8 percent last month while foreign direct investment in the city rose 6.3 percent to US$850 million.

The city's consumer prices also started to rise last month, ending nine months of deflation. Its Consumer Price Index edged up 0.2 percent from a year earlier.


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