Manufacturing activities see 1st decline
By Wang Yanlin |
August 3, 2011, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S industrial activities shrank for the first time in 10 months in June as the government tightened policies and the city embarked on an economic restructuring.
The city's Purchasing Managers' Index, a gauge of manufacturing activities, lost 1 point from a month earlier to 49.3 in June, the Shanghai Statistics Bureau said yesterday.
A reading below 50 means manufacturing activities contracted.
"The impact of tightening policies, dwindling market demand and less employment caused Shanghai's PMI to decline for a third consecutive month in June," the bureau said in a report.
"But it has not produced an excessive influence that may hurt the dynamics of Shanghai's growth," the bureau said.
Shanghai's gross domestic product expanded 8.4 percent from a year earlier in the first six months, easing from last year's 9.9 percent. The growth was also slow compared with China's average of 9.6 percent between January and June.
Shanghai's industrial output grew 9.7 percent annually in the first half, down from 18.4 percent in 2010.
But as the city spends more efforts to restructure its economy, advanced manufacturing is seen to advance substantially. The output of high-tech manufacturing still rose by 17 percent annually in the year to June, much faster than the pace of the city's average industrial production.
As industrial activities eased, the business confidence index, which measures sentiment among manufacturers in the city, fell to 126.5 in the second quarter, 6.3 points less than that in the first three months, the bureau said yesterday. A reading above 100 still indicates optimism.
The city's Purchasing Managers' Index, a gauge of manufacturing activities, lost 1 point from a month earlier to 49.3 in June, the Shanghai Statistics Bureau said yesterday.
A reading below 50 means manufacturing activities contracted.
"The impact of tightening policies, dwindling market demand and less employment caused Shanghai's PMI to decline for a third consecutive month in June," the bureau said in a report.
"But it has not produced an excessive influence that may hurt the dynamics of Shanghai's growth," the bureau said.
Shanghai's gross domestic product expanded 8.4 percent from a year earlier in the first six months, easing from last year's 9.9 percent. The growth was also slow compared with China's average of 9.6 percent between January and June.
Shanghai's industrial output grew 9.7 percent annually in the first half, down from 18.4 percent in 2010.
But as the city spends more efforts to restructure its economy, advanced manufacturing is seen to advance substantially. The output of high-tech manufacturing still rose by 17 percent annually in the year to June, much faster than the pace of the city's average industrial production.
As industrial activities eased, the business confidence index, which measures sentiment among manufacturers in the city, fell to 126.5 in the second quarter, 6.3 points less than that in the first three months, the bureau said yesterday. A reading above 100 still indicates optimism.
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