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Retail sales grow 16.5% in April
By Wang Yanlin |
May 17, 2010, Monday
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Online Edition
Online Edition
SHANGHAI'S economy continued strong and stable growth in April, with robust retail sales, more foreign investment and rebounding trade, but industrial production reduced due to recent tightening policies.
Analysts are generally optimistic about Shanghai's performance with the city striding towards its goal of becoming a global financial and shipping center; but in the short term, they said the property market was a concern.
Shanghai's retail sales in April, a gauge of consumption, expanded 16.5 percent from a year earlier. It compared with a growth of 16.6 percent in the first quarter, which indicated a steady increase, the Shanghai Statistics Bureau said today.
Foreign direct investment in the city advanced 4.7 percent year on year to US$1.11 billion last month, while exports jumped 29.3 percent to US$14.2 billion. Imports doubled to US$15.9 percent, creating a trade deficit for a second consecutive month.
However, industrial production slowed due to tightening policy stance for stricter rules for loans and investment. Manufacturing output rose 26.2 percent on an annual basis in April, 2 percentage points less than a month earlier.
Analysts are generally optimistic about Shanghai's performance with the city striding towards its goal of becoming a global financial and shipping center; but in the short term, they said the property market was a concern.
Shanghai's retail sales in April, a gauge of consumption, expanded 16.5 percent from a year earlier. It compared with a growth of 16.6 percent in the first quarter, which indicated a steady increase, the Shanghai Statistics Bureau said today.
Foreign direct investment in the city advanced 4.7 percent year on year to US$1.11 billion last month, while exports jumped 29.3 percent to US$14.2 billion. Imports doubled to US$15.9 percent, creating a trade deficit for a second consecutive month.
However, industrial production slowed due to tightening policy stance for stricter rules for loans and investment. Manufacturing output rose 26.2 percent on an annual basis in April, 2 percentage points less than a month earlier.
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