Pace of production in April is slower
By Wang Yanlin |
May 17, 2011, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S industrial production grew at a slower pace in April, with a few key industries seeming to lose steam. However, fixed-asset investment in the city rebounded a little, trade remained steady and foreign direct investment hit a new high.
The city's economy is cooling at an "appropriate" pace, analysts said.
Industrial output expanded 9.7 percent from a year earlier to 268.1 billion yuan (US$41.3 billion) last month, much slower than March's 12.4 percent, the Shanghai Statistics Bureau said yesterday.
The city's six key industries - information technology, vehicles, refined oil, fine steel, machinery equipment and biomedicine - reported their output gained 9.3 percent to 179.7 billion yuan in April, 0.3 percentage points less than the city's average pace.
Li Maoyu, an analyst at Changjiang Securities Co, said: "Both local economy and exports do not have major falterings, except that the prices at the factory gate keep going up."
In April, Shanghai's inflation rate stood at 5.1 percent, the highest in at least two years. Rising food costs contributed most to the surge.
Not all key industries suffered slower growth. Machinery equipment output rose 13.7 percent to 31.4 billion yuan, while information technology advanced 10.7 percent to 58.3 billion yuan and vehicles jumped 10.3 percent to 32.7 billion yuan.
The biggest drag was fine steel, with a 1.3 percent reduction to 16.2 billion yuan.
In April, industrial production by foreign-invested firms and those of Hong Kong, Macau and Taiwan in Shanghai reported growth of 10.1 percent to 164.6 billion yuan.
"Manufacturing activities showed signs of moderation," said Xue Jun, an analyst at CITIC Securities Co. "It is in accordance with the requirement to cool the economy."
Foreign direct investment in Shanghai hit a record US$1.2 billion last month, up 8.6 percent from a year earlier. Most foreign investors channeled their funds into the city's services industry.
Fixed-asset investment also rebounded. Although it fell 7.2 percent in the first four months to 122.8 billion yuan, it regained some ground from a 8.1 percent retreat in the first quarter. Investment in the city's property sector jumped 11.4 percent to 61.3 billion yuan.
Shanghai's exports in April increased 19.7 percent to US$17 billion, and imports rose 16.1 percent to US$18.5 billion, extending a steady performance so far this year.
The city's economy is cooling at an "appropriate" pace, analysts said.
Industrial output expanded 9.7 percent from a year earlier to 268.1 billion yuan (US$41.3 billion) last month, much slower than March's 12.4 percent, the Shanghai Statistics Bureau said yesterday.
The city's six key industries - information technology, vehicles, refined oil, fine steel, machinery equipment and biomedicine - reported their output gained 9.3 percent to 179.7 billion yuan in April, 0.3 percentage points less than the city's average pace.
Li Maoyu, an analyst at Changjiang Securities Co, said: "Both local economy and exports do not have major falterings, except that the prices at the factory gate keep going up."
In April, Shanghai's inflation rate stood at 5.1 percent, the highest in at least two years. Rising food costs contributed most to the surge.
Not all key industries suffered slower growth. Machinery equipment output rose 13.7 percent to 31.4 billion yuan, while information technology advanced 10.7 percent to 58.3 billion yuan and vehicles jumped 10.3 percent to 32.7 billion yuan.
The biggest drag was fine steel, with a 1.3 percent reduction to 16.2 billion yuan.
In April, industrial production by foreign-invested firms and those of Hong Kong, Macau and Taiwan in Shanghai reported growth of 10.1 percent to 164.6 billion yuan.
"Manufacturing activities showed signs of moderation," said Xue Jun, an analyst at CITIC Securities Co. "It is in accordance with the requirement to cool the economy."
Foreign direct investment in Shanghai hit a record US$1.2 billion last month, up 8.6 percent from a year earlier. Most foreign investors channeled their funds into the city's services industry.
Fixed-asset investment also rebounded. Although it fell 7.2 percent in the first four months to 122.8 billion yuan, it regained some ground from a 8.1 percent retreat in the first quarter. Investment in the city's property sector jumped 11.4 percent to 61.3 billion yuan.
Shanghai's exports in April increased 19.7 percent to US$17 billion, and imports rose 16.1 percent to US$18.5 billion, extending a steady performance so far this year.
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