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Shaky outlook for city's economic recovery
By Wang Yanlin |
December 18, 2012, Tuesday
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Print Edition
Print Edition
THE growth rate of Shanghai's consumer prices remained at 2 percent in November, while industrial production fell again and trade plunged, indicating a shaky foundation for economic recovery in the city.
The Consumer Price Index, a main gauge of inflation, rose 2 percent from a year earlier last month, the Shanghai Statistics Bureau said yesterday. It was the third consecutive month that inflation in the city had settled at 2 percent.
Food costs, which account for nearly a third of the total basket, increased 3.1 percent last month, up from the gain of 2.8 percent a month earlier.
Although inflation is no longer a major concern, some analysts said achieving a balance between growth and inflation remains important.
"Unlike rebounding inflation in other cities, consumer prices in Shanghai are relatively stable," said Li Maoyu, an analyst at Changjiang Securities Co. "It makes policy changes easier in case the economic growth falters."
But Li said Shanghai couldn't take a tamed inflation for granted and should prepare for its future acceleration.
Shanghai's gross domestic product grew 7.4 percent on an annual basis in the first three quarters against the backdrop of a higher comparative base, accelerating economic restructuring and more exposure to external uncertainties.
China's GDP has slowed down for seven quarters in a row, with the 7.4 percent rate in the third quarter hitting a three-year low.
Shanghai led other cities in securing an economic recovery, reflected through faster growth in the first three quarters than that in the first half of this year.
However, the city's economic performance weakened in November, data from the local statistics bureau showed.
Industrial production fell 4 percent from a year earlier to 264.6 billion yuan (US$42 billion) last month, reversing the increase of 0.1 percent in October.
The city's six pillar manufacturing industries - information technology, auto, petroleum, refined steel, machinery equipment and biomedicine - dropped 4.3 percent with a total output of 177.4 billion yuan.
Shanghai's fixed-asset investment added 4 percent to 452.5 billion yuan in the first 11 months, narrowing 0.8 percentage point from that in the first 10 months.
Exports were worth US$18.2 billion in November, with no growth from a year earlier. Imports fell 5.3 percent to US$18.6 billion.
The Consumer Price Index, a main gauge of inflation, rose 2 percent from a year earlier last month, the Shanghai Statistics Bureau said yesterday. It was the third consecutive month that inflation in the city had settled at 2 percent.
Food costs, which account for nearly a third of the total basket, increased 3.1 percent last month, up from the gain of 2.8 percent a month earlier.
Although inflation is no longer a major concern, some analysts said achieving a balance between growth and inflation remains important.
"Unlike rebounding inflation in other cities, consumer prices in Shanghai are relatively stable," said Li Maoyu, an analyst at Changjiang Securities Co. "It makes policy changes easier in case the economic growth falters."
But Li said Shanghai couldn't take a tamed inflation for granted and should prepare for its future acceleration.
Shanghai's gross domestic product grew 7.4 percent on an annual basis in the first three quarters against the backdrop of a higher comparative base, accelerating economic restructuring and more exposure to external uncertainties.
China's GDP has slowed down for seven quarters in a row, with the 7.4 percent rate in the third quarter hitting a three-year low.
Shanghai led other cities in securing an economic recovery, reflected through faster growth in the first three quarters than that in the first half of this year.
However, the city's economic performance weakened in November, data from the local statistics bureau showed.
Industrial production fell 4 percent from a year earlier to 264.6 billion yuan (US$42 billion) last month, reversing the increase of 0.1 percent in October.
The city's six pillar manufacturing industries - information technology, auto, petroleum, refined steel, machinery equipment and biomedicine - dropped 4.3 percent with a total output of 177.4 billion yuan.
Shanghai's fixed-asset investment added 4 percent to 452.5 billion yuan in the first 11 months, narrowing 0.8 percentage point from that in the first 10 months.
Exports were worth US$18.2 billion in November, with no growth from a year earlier. Imports fell 5.3 percent to US$18.6 billion.
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