Shanghai economy strong, inflation eases
By Wang Yanlin |
June 18, 2013, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S inflation eased in May while economic activity strengthened, indicating resilience in the city's economy while China's overall performance showed little signs of an expected mild recovery.
The city's Consumer Price Index, the main gauge of inflation, rose 2.1 percent year on year last month, slightly lower than April's growth of 2.2 percent, Shanghai Statistics Bureau said yesterday.
Industrial production rose 2.9 percent to 258.2 billion yuan (US$41.6 billion) in May, up further from April's increase of 1 percent which reversed the loss of 1.9 percent in March.
"Shanghai's inflation remains tamed, and the city's economic performance has been stronger than elsewhere in the country," said Li Maoyu, an analyst at Changjiang Securities Co.
Shanghai is trying to lead other cities in improving growth quality and accelerating industrial restructuring, with the aim of reducing economic reliance on exports and investment.
In the first five months, fixed-asset investment in Shanghai gained 11.2 percent to 181.3 billion yuan, slower from 13 percent in the January-April period.
Shanghai's gross domestic product grew 7.8 percent from a year earlier in the first quarter, picking up from last year's 7.5 percent rise and higher than the national average of 7.7 percent.
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.
The city targets an economic growth rate of 7.5 percent this year, hoping to accelerate industrial restructuring, further raise people's income and enhance efforts on combating pollution, Shanghai Mayor Yang Xiong said earlier, stressing a further shift to "growth quality."
In the first five months, Shanghai's inflation rose 2.2 percent, lower than the target of 3.5 percent for the year and leaving room for possible policy stimulus.
Investment in the property sector jumped 23.7 percent to 101.5 billion yuan in the first five months, or 56 percent of the city's total fixed-asset investment.
China's activity data, including industrial output and fixed-asset investment, indicated growth slowed further in May, while exports and imports crashed.
The city's Consumer Price Index, the main gauge of inflation, rose 2.1 percent year on year last month, slightly lower than April's growth of 2.2 percent, Shanghai Statistics Bureau said yesterday.
Industrial production rose 2.9 percent to 258.2 billion yuan (US$41.6 billion) in May, up further from April's increase of 1 percent which reversed the loss of 1.9 percent in March.
"Shanghai's inflation remains tamed, and the city's economic performance has been stronger than elsewhere in the country," said Li Maoyu, an analyst at Changjiang Securities Co.
Shanghai is trying to lead other cities in improving growth quality and accelerating industrial restructuring, with the aim of reducing economic reliance on exports and investment.
In the first five months, fixed-asset investment in Shanghai gained 11.2 percent to 181.3 billion yuan, slower from 13 percent in the January-April period.
Shanghai's gross domestic product grew 7.8 percent from a year earlier in the first quarter, picking up from last year's 7.5 percent rise and higher than the national average of 7.7 percent.
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.
The city targets an economic growth rate of 7.5 percent this year, hoping to accelerate industrial restructuring, further raise people's income and enhance efforts on combating pollution, Shanghai Mayor Yang Xiong said earlier, stressing a further shift to "growth quality."
In the first five months, Shanghai's inflation rose 2.2 percent, lower than the target of 3.5 percent for the year and leaving room for possible policy stimulus.
Investment in the property sector jumped 23.7 percent to 101.5 billion yuan in the first five months, or 56 percent of the city's total fixed-asset investment.
China's activity data, including industrial output and fixed-asset investment, indicated growth slowed further in May, while exports and imports crashed.
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