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Mixed signals for economy
By Wang Yanlin |
December 16, 2010, Thursday
|
Print Edition
Print Edition
SHANGHAI'S economy sent out mixed signals as November's trade value surged to a new high, with inflation below the national level and moderated growth in retail sales.
The city's Consumer Price Index rose 4.3 percent on annual basis last month, led by a 10.9 percent surge in food costs, the Shanghai Statistics Bureau said yesterday.
The country's inflation in November was 5.1 percent, a 28-month high.
Exports in Shanghai climbed 27.2 percent from a year earlier to US$17.1 billion last month, up from an 18.1 percent increase in October. Imports jumped 36.1 percent to US$17.4 billion, compared to a 27.6 percent gain in October.
It was the first time both exports and imports climbed above US$17 billion in the city.
"The sharp increase reflects robust demand here in Shanghai and in recovering external markets," said Wang Zehua, a bureau analyst.
In November, Shanghai's exports to Japan surged 39 percent from a year earlier while imports from the country expanded 37.1 percent.
However, Shanghai's retail sales in November slowed after the 184-day World Expo ended.
Retail sales grew 16.4 percent on an annual basis to 50.4 billion yuan (US$ 7.57 billion) last month, compared with a 19.2 percent increase in October.
"The slowing growth in consumption is because less tourists visited the city after the World Expo ended," Wang said.
However, Wang said retail sales will pick up as several holidays are on the horizon and stores will likely offer promotions and sales.
Shanghai's fixed-asset investment in the first 11 months decreased 4.9 percent from a year earlier to 461.9 billion yuan, the bureau said.
As the effects of the stimulus package fade, the city's spending on urban infrastructure construction plummeted 36.7 percent annually to 121 billion yuan in the January-November period, while investment in manufacturing dipped 1.9 percent.
The property sector bucked this trend. Funds swarming into the housing market gained 34.5 percent on an annual basis to 182.5 billion yuan through November, extending good growth momentum, according to the bureau.
The city's Consumer Price Index rose 4.3 percent on annual basis last month, led by a 10.9 percent surge in food costs, the Shanghai Statistics Bureau said yesterday.
The country's inflation in November was 5.1 percent, a 28-month high.
Exports in Shanghai climbed 27.2 percent from a year earlier to US$17.1 billion last month, up from an 18.1 percent increase in October. Imports jumped 36.1 percent to US$17.4 billion, compared to a 27.6 percent gain in October.
It was the first time both exports and imports climbed above US$17 billion in the city.
"The sharp increase reflects robust demand here in Shanghai and in recovering external markets," said Wang Zehua, a bureau analyst.
In November, Shanghai's exports to Japan surged 39 percent from a year earlier while imports from the country expanded 37.1 percent.
However, Shanghai's retail sales in November slowed after the 184-day World Expo ended.
Retail sales grew 16.4 percent on an annual basis to 50.4 billion yuan (US$ 7.57 billion) last month, compared with a 19.2 percent increase in October.
"The slowing growth in consumption is because less tourists visited the city after the World Expo ended," Wang said.
However, Wang said retail sales will pick up as several holidays are on the horizon and stores will likely offer promotions and sales.
Shanghai's fixed-asset investment in the first 11 months decreased 4.9 percent from a year earlier to 461.9 billion yuan, the bureau said.
As the effects of the stimulus package fade, the city's spending on urban infrastructure construction plummeted 36.7 percent annually to 121 billion yuan in the January-November period, while investment in manufacturing dipped 1.9 percent.
The property sector bucked this trend. Funds swarming into the housing market gained 34.5 percent on an annual basis to 182.5 billion yuan through November, extending good growth momentum, according to the bureau.
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