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Inflation eases, industrial production speeds up in city
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Shanghai's inflation growth eased in July while industrial production expanded faster and investment remained flat, indicating strengthening economic performance in the city and boding well for deepening reforms.
The Consumer Price Index, the main gauge of inflation, rose 2 percent from a year earlier last month, compared with the increase of 2.5 percent in June, the Shanghai Statistics Bureau said today.
Industrial production grew 2.5 percent from a year earlier to 261.1 billion yuan (US$42.1 billion) in July, accelerating from the pace of 0.9 percent a month earlier.
Fixed-asset investments expanded 12 percent to 279.4 billion yuan in the first seven months, largely flat with the growth of 12.1 percent in the first six months.
Shanghai's gross domestic product expanded 7.7 percent from a year earlier to 1.02 trillion yuan 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.
"Shanghai's economy maintained a stable growth momentum. The city sticks to the principle of pursuing advancement amid stability, and now we put more emphasis on advancement," said Yan Jun, chief economist at the bureau.
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