Related News
Shanghai GDP likely to expand 7.6% next year
By Hu Xiaocen |
December 19, 2012, Wednesday
|
Print Edition
Print Edition
Shanghai's economy is expected to expand around 7.6 percent next year amid inflationary pressure, high production costs, property curbs and an imbalanced capital supply, a report said yesterday.
Among the city's economic indicators, eight showed a deteriorating slowdown in the third quarter.
"It means the city's economy is slowing, but within a stable and controllable range," the Shanghai Academy of Social Sciences said in the report. "Growth next year will rebound and be followed by a slight retreat, or just go flat without much fluctuation."
The possibility of the city reaching an "optimistic" status is 15 percent, while a "bad situation" has a 13 percent chance of developing, it said. There is a 72 percent chance the city will remain at the "benchmark" level, the academy said without explaining how each status will affect Shanghai's growth.
The report noted challenges from overseas markets and said most European countries will encounter dire straits in 2013. Along with the sluggish economic recovery in the US, external demand will continue to contract for China.
Shanghai's gross domestic product increased 7.4 percent on an annual basis in the first three quarters to 1.4 trillion yuan (US$222.7 billion), short of the 8 percent target set for the whole year, according to the Shanghai Statistics Bureau.
During the same period, the nation's economy grew 7.7 percent with strong momentum from the western region and inland provinces.
Shanghai accounted for 4.1 percent of the national GDP by the end of September, according to a calculation based on data from statistics bureaus. The city's land accounts for 0.06 percent of the country's total area.
Economic performance weakened in Shanghai last month as industrial production dropped 4 percent from a year ago, erasing the 0.1 percent gain in October. Exports stayed level at US$18.2 billion in November compared to the same period a year ago, while imports contracted 5.3 percent to US$18.6 billion.
The academy said in the report the city has reached the late stage of industrialization, thus the government should allow more private capital into the investment sector to promote competition. This will lead to improved investment efficiency and more employment opportunities, it said.
Among the city's economic indicators, eight showed a deteriorating slowdown in the third quarter.
"It means the city's economy is slowing, but within a stable and controllable range," the Shanghai Academy of Social Sciences said in the report. "Growth next year will rebound and be followed by a slight retreat, or just go flat without much fluctuation."
The possibility of the city reaching an "optimistic" status is 15 percent, while a "bad situation" has a 13 percent chance of developing, it said. There is a 72 percent chance the city will remain at the "benchmark" level, the academy said without explaining how each status will affect Shanghai's growth.
The report noted challenges from overseas markets and said most European countries will encounter dire straits in 2013. Along with the sluggish economic recovery in the US, external demand will continue to contract for China.
Shanghai's gross domestic product increased 7.4 percent on an annual basis in the first three quarters to 1.4 trillion yuan (US$222.7 billion), short of the 8 percent target set for the whole year, according to the Shanghai Statistics Bureau.
During the same period, the nation's economy grew 7.7 percent with strong momentum from the western region and inland provinces.
Shanghai accounted for 4.1 percent of the national GDP by the end of September, according to a calculation based on data from statistics bureaus. The city's land accounts for 0.06 percent of the country's total area.
Economic performance weakened in Shanghai last month as industrial production dropped 4 percent from a year ago, erasing the 0.1 percent gain in October. Exports stayed level at US$18.2 billion in November compared to the same period a year ago, while imports contracted 5.3 percent to US$18.6 billion.
The academy said in the report the city has reached the late stage of industrialization, thus the government should allow more private capital into the investment sector to promote competition. This will lead to improved investment efficiency and more employment opportunities, it said.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
