Growth slows in Shanghai, but it's still wealthiest city
By Wang Yanlin |
January 21, 2012, Saturday
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Print Edition
Print Edition
SHANGHAI'S economy grew 8.2 percent last year, among the slowest of China's provinces and municipalities, but it remained the Chinese mainland's richest city, the Shanghai Statistics Bureau said yesterday.
The growth pace moderated from 9.9 percent in 2010 and was well under China's average of 9.2 percent last year. The city's gross domestic product hit 1.92 trillion yuan (US$305 billion), with a per capita GDP of 82,560 yuan, highest in the mainland.
Yan Jun, chief economist at the bureau, said that although the growth rate in the city continued to weaken in the past two years, the growth quality was improved.
"Shanghai has managed to accelerate economic restructuring, keep inflation stable, and reduce reliance on investment, export and the property market to drive its economy," Yan said, adding the rate was comparatively fast given the city's restructuring process and the global economic slowdown.
Shanghai's service sector jumped 9.5 percent from a year earlier to 1.11 trillion yuan, or 58 percent of last year's total GDP. It has become the biggest source of Shanghai's economic growth.
Manufacturing advanced 6.5 percent on an annual basis and the agricultural sector lost 0.7 percent, the bureau said. The output of Shanghai's property industry decreased 2.4 percent year on year to 101.9 billion yuan.
Shanghai's Consumer Price Index, the main gauge of inflation, increased 5.2 percent last year, slower than China's average of 5.4 percent. The Producer Price Index, the factory-gate measurement of inflation, added 2.9 percent, indicating future consumer prices may continue to moderate.
"A reasonable inflation level will encourage people's spending, and allow more room for policy-makers to take supportive actions when the economy suffers," said Li Maoyu, an analyst at Changjiang Securities Co.
Shanghai's retail sales gained 12.3 percent to 677.7 billion yuan in 2011, 0.8 percentage points more than the previous year. Industrial production expanded 7.4 percent to 679.8 billion yuan while fixed-asset investment grew 0.3 percent to 506.7 billion yuan, the bureau said.
Exports jumped 16 percent to US$209.7 billion last year, while imports added 21 percent to US$227.6 billion. But their pace slowed substantially in recent months due to the eurozone crisis.
Looking ahead, Shanghai has set an economic growth target of around 8 percent for this year, Mayor Han Zheng said last week, noting the city will focus more on the improvement of people's livelihood.
Last year, disposable income of Shanghai's urban residents rose to 36,230 yuan, and that of rural dwellers to 15,644 yuan, both jumping 13.8 percent from a year earlier. According to the bureau, it was only the second time since 2000 that Shanghai people's seasonally adjusted income growth, excluding the effect of inflation, surpassed the rate of GDP in the city.
Shanghai created 64,160 new jobs last year, and the registered unemployment rate stayed at 4.2 percent.
The city's fiscal revenue expanded 19.4 percent from a year earlier to 342.9 billion yuan, and its spending was 391.4 billion yuan, up 18.5 percent on an annual basis, the bureau said.
The growth pace moderated from 9.9 percent in 2010 and was well under China's average of 9.2 percent last year. The city's gross domestic product hit 1.92 trillion yuan (US$305 billion), with a per capita GDP of 82,560 yuan, highest in the mainland.
Yan Jun, chief economist at the bureau, said that although the growth rate in the city continued to weaken in the past two years, the growth quality was improved.
"Shanghai has managed to accelerate economic restructuring, keep inflation stable, and reduce reliance on investment, export and the property market to drive its economy," Yan said, adding the rate was comparatively fast given the city's restructuring process and the global economic slowdown.
Shanghai's service sector jumped 9.5 percent from a year earlier to 1.11 trillion yuan, or 58 percent of last year's total GDP. It has become the biggest source of Shanghai's economic growth.
Manufacturing advanced 6.5 percent on an annual basis and the agricultural sector lost 0.7 percent, the bureau said. The output of Shanghai's property industry decreased 2.4 percent year on year to 101.9 billion yuan.
Shanghai's Consumer Price Index, the main gauge of inflation, increased 5.2 percent last year, slower than China's average of 5.4 percent. The Producer Price Index, the factory-gate measurement of inflation, added 2.9 percent, indicating future consumer prices may continue to moderate.
"A reasonable inflation level will encourage people's spending, and allow more room for policy-makers to take supportive actions when the economy suffers," said Li Maoyu, an analyst at Changjiang Securities Co.
Shanghai's retail sales gained 12.3 percent to 677.7 billion yuan in 2011, 0.8 percentage points more than the previous year. Industrial production expanded 7.4 percent to 679.8 billion yuan while fixed-asset investment grew 0.3 percent to 506.7 billion yuan, the bureau said.
Exports jumped 16 percent to US$209.7 billion last year, while imports added 21 percent to US$227.6 billion. But their pace slowed substantially in recent months due to the eurozone crisis.
Looking ahead, Shanghai has set an economic growth target of around 8 percent for this year, Mayor Han Zheng said last week, noting the city will focus more on the improvement of people's livelihood.
Last year, disposable income of Shanghai's urban residents rose to 36,230 yuan, and that of rural dwellers to 15,644 yuan, both jumping 13.8 percent from a year earlier. According to the bureau, it was only the second time since 2000 that Shanghai people's seasonally adjusted income growth, excluding the effect of inflation, surpassed the rate of GDP in the city.
Shanghai created 64,160 new jobs last year, and the registered unemployment rate stayed at 4.2 percent.
The city's fiscal revenue expanded 19.4 percent from a year earlier to 342.9 billion yuan, and its spending was 391.4 billion yuan, up 18.5 percent on an annual basis, the bureau said.
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