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Shanghai economy keeps strength in October, paves way for reform
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Shanghai's economy continued to perform steadily in October with trade, industrial production and fixed-asset investment rising stably, the Shanghai Statistics Bureau said today.
Together with modest inflationary pressure, they created a comfortable environment for the city to press ahead with economic restructuring and reform, analysts said.
Shanghai's trade expanded 6.8 percent from a year earlier to US$37.3 billion last month. The acceleration was supported by strong imports which jumped 11.2 percent while exports rose 2.1 percent.
Industrial production gained 8.1 percent to 273.7 billion yuan (US$44.5 billion) in October, with the pace picking up from the rate of 6.4 percent in September.
Fixed-asset investment in the first 10 months increased 9.5 percent, slowing a bit from the pace of 11.1 percent in the first three quarters, the bureau's data showed.
The Consumer Price Index, the main gauge of inflation, rose 2.6 percent from a year earlier in October. The pace quickened a bit from the increase of 2.5 percent in September but was much slower than the national average of 3.2 percent last month.
Shanghai's main focus right now was not at all GDP growth but to promote reform and restructuring, with "innovation and transformation being the two major tasks at hand," said Shanghai Party Secretary Han Zheng recently.
The city's economy expanded steadily so far this year. In the third quarter, its gross domestic product rose 7.8 percent from a year earlier, up from the rate of 7.6 percent in the second quarter.
The economic output in Shanghai amounted to 1.55 trillion yuan in the first nine months, up 7.7 percent on an annual basis.
With only 0.06 percent of China's land, 1.8 percent of its population and 1.7 percent of its investment, Shanghai produced more than 4 percent of the nation's overall economic output.
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