Shanghai GDP still faces weakness
Print Edition
SHANGHAI’S industrial production rebounded in October to the fastest in nearly one year, but other activity continued to weaken, suggesting uncertainties still prevailed, official data showed yesterday.
Industrial production grew 1.4 percent from a year earlier to 262.4 billion yuan (US$41.2 billion) last month, according to the Shanghai Statistics Bureau.
It turned positive for the first time since March and was also the fastest growth since December.
The six key industries — refinery, information technology, biomedicine, machinery equipment, fine steel and automobile — posted a combined growth of 3.9 percent last month to be drivers of the manufacturing sector.
“Shanghai’s industrial production presents a notable turnaround,” the bureau said in a statement. “It is partly due to a low comparative base last year, while the recovering demand also helps.”
But other data continued to reveal weakness in the economy.
In the first 10 months of this year, Shanghai’s fixed-asset investment gained 5.7 percent to 476.8 billion yuan, down from the increase of 6.1 percent in the first three quarters. Capital flowing into the property sector rose 8.9 percent, also slowing from a gain of 9.2 percent in the first nine months.
Retail sales grew 8 percent to 829.8 billion yuan in the January-October period, unchanged from the first three quarters.
“The activity data remained lukewarm on the whole,” said Li Maoyu, an analyst at Changjiang Securities Co. “It is hard to say whether Shanghai’s economy has bottomed out or not ... we need more time to decide.”
The economic structure has improved. In the first three quarters, the service-sector output gained 11.1 percent to 1.2 trillion yuan, or 67.6 percent of the total. The proportion rose from 67.1 percent in the first half and 64.8 percent for the same period of last year.
Shanghai’s economy grew 6.8 percent in the first three quarters of the year, down from the first half’s 7 percent growth and lower than the national average of 6.9 percent.
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