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Shanghai economy cools as exports fall
By Wang Yanlin |
April 16, 2012, Monday
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Online Edition
Online Edition
Shanghai's economy cooled in March as both exports and fixed-asset investment fell for the first time this year, but foreign direct investment still increased and inflation remained stable.
Exports lost 6.2 percent from a year earlier to US$17.3 billion last month, the first decrease since 2009, the Shanghai Statistics Bureau said today. Imports expanded 3.8 percent to US$21.3 billion, leaving total trade value at US$38.6 billion, down 0.9 percent on an annual basis.
Fixed-asset investment in the first quarter dipped 2.8 percent to US$90.6 billion, led by a sharp 28 percent slump in urban infrastructure construction investment.
"The city's economic growth is easing at a faster than expected pace," said Li Maoyu, an analyst at Changjiang Securities Co. "Exports are weakening, fixed-asset investment is lacking strong impetus for growth, and the expansion of retail sales is insufficient to power the city's economy."
Shanghai's gross domestic product rose 8.2 percent last year, the second slowest among China's provinces and municipalities because of the city's larger comparative base and its bigger dependence on exports.
One bright economic spot in March was the growing foreign direct investment. The city signed contracted foreign investment of US$2.3 billion last month, up 2.7 percent from a year earlier. Foreign investment put in place even surged 46 percent to US$1.3 billion, a three-month high due to the ongoing Shanghai Disneyland project.
The growth of Shanghai's foreign investment has bucked the national trend, which has fallen since November mainly because European investors have tightened their belts.
The Consumer Price Index, a main gauge of inflation, was little changed at 3.8 percent in March from February's 3.9 percent, the bureau said.
Exports lost 6.2 percent from a year earlier to US$17.3 billion last month, the first decrease since 2009, the Shanghai Statistics Bureau said today. Imports expanded 3.8 percent to US$21.3 billion, leaving total trade value at US$38.6 billion, down 0.9 percent on an annual basis.
Fixed-asset investment in the first quarter dipped 2.8 percent to US$90.6 billion, led by a sharp 28 percent slump in urban infrastructure construction investment.
"The city's economic growth is easing at a faster than expected pace," said Li Maoyu, an analyst at Changjiang Securities Co. "Exports are weakening, fixed-asset investment is lacking strong impetus for growth, and the expansion of retail sales is insufficient to power the city's economy."
Shanghai's gross domestic product rose 8.2 percent last year, the second slowest among China's provinces and municipalities because of the city's larger comparative base and its bigger dependence on exports.
One bright economic spot in March was the growing foreign direct investment. The city signed contracted foreign investment of US$2.3 billion last month, up 2.7 percent from a year earlier. Foreign investment put in place even surged 46 percent to US$1.3 billion, a three-month high due to the ongoing Shanghai Disneyland project.
The growth of Shanghai's foreign investment has bucked the national trend, which has fallen since November mainly because European investors have tightened their belts.
The Consumer Price Index, a main gauge of inflation, was little changed at 3.8 percent in March from February's 3.9 percent, the bureau said.
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