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Shanghai industrial output falls to 5-year low
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Shanghai's industrial production presented the worst performance in five years in November while trade and retail sales also decelerated, data from the Shanghai Statistics Bureau showed.
Industrial production contracted 3.1 percent from a year earlier to 270.3 billion yuan (US$43.6 billion) last month, down further from the decrease of 1.8 percent in October with nearly all key industries reporting slower growth that reflected weak demand.
Production of information technology goods, used to be a strong source for growth, lost 5.5 percent in November, the official data showed, while that of fine steel and refinery decreased 10.9 percent and 5.9 percent respectively, led to the cut of 0.2 percent in car manufacturing.
Shanghai's trade grew at a slower rate as well. Exports edged up 0.8 percent last month, down from October's rise of 6.3 percent. Similarly, imports growth moderated to 1.4 percent from 6.8 percent a month earlier.
Retail sales, albeit the strong online shopping during the Singles Day celebration, weakened to grow 8.2 percent from 10.1 percent in October.
"Nearly all activity data point to a slower growth," the bureau said in a statement.
Li Maoyu, an analyst at Changjiang Securities Co, said the city's economy seemed to be decelerating rapidly.
"The fast deterioration, especially in manufacturing, indicated a potential economic slowdown in the fourth quarter," Li said.
Shanghai's economy has been more resilient than other cities on the Chinese mainland because it staged more stable performance and was the first to show signs of a recovery at the start of this year.
But in the first three quarters, Shanghai's gross domestic product expanded 7 percent year on year, compared with 7.1 percent in the first half and 7 percent in the first three months.
Li said the fourth quarter growth may slow further to below 7 percent.
The only bright spot was the fixed-asset investment, which grew 6.7 percent in the first 11 months, up from the pace of 4.9 percent during the January-October period.
The Consumer Price Index, the main gauge of inflation, expanded 2.6 percent last month, up from 2.4 percent in October but within a range of low increase that can accommodate easier policies.
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