Key Shanghai industries lead surge
Print Edition
SHANGHAI’S industrial production grew at the fastest rate this year in November, with more pace in strategic industries, the Shanghai Statistics Bureau said yesterday.
Industrial production grew 5.1 percent from a year earlier to 276.8 billion yuan (US$43 billion) last month, up from the 1.4 percent rise in October.
The six key industries, namely, automobile, biomedicine, equipment machinery, refinery, fine steel and electronics, grew 7.9 percent to a combined 188.5 billion yuan, the bureau said.
In particular, production of cars surged 30.2 percent to 53.2 billion yuan last month, stimulated by market demand after the reduction of taxes for greener cars in October.
In the first 11 months, Shanghai’s industrial production fell 0.5 percent on an annual basis to 2.82 trillion yuan, with negative growth reported for five months.
The manufacturing sector should account for about a quarter of the city’s economy in the next five years, according to a draft of the Shanghai’s 13th Five-Year (2016-2020) Plan. Currently, the manufacturing sector accounts for 30 percent of the economy.
“Shanghai’s industrial production seems to be stabilizing after posting positive growth for two months,” said Li Maoyu, an analyst at Changjiang Securities Co. “It will serve as an important cushion to the city’s economic slowdown.”
Shanghai’s gross domestic product expanded 6.8 percent year on year in the first three quarters, slightly lower than the national average of 6.9 percent.
The city will aim to keep its growth rates between 6 and 7 percent in the next five years, ideally around 6.5 percent, Shanghai Mayor Yang Xiong said recently. “The economy should be of better quality, structure and efficiency, and must be in tandem with the pace of the nation,” Yang said.
Shanghai’s Producer Price Index, the factory-gate gauge of inflation, slumped 9.7 percent in November, down from the drop of 9.3 percent a month earlier and indicating uncertainties about demand in the future, the bureau said yesterday.
Shanghai’s exports declined 11.5 percent last month while imports rose 5.1 percent.
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