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Shanghai industry expands 0.1% in October
By Wang Yanlin |
November 15, 2012, Thursday
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Online Edition
Online Edition
SHANGHAI'S industrial production inched up 0.1 percent year on year in October, snapping a losing streak since June, the Shanghai Statistics Bureau said today.
Industrial output totaled 260 billion yuan (US$41.8 billion) last month with the consumer goods sector reporting a major increase.
"The expanding industrial production shows the domestic demand is recovering, a prelude to stabilization of Shanghai's economy," said Xue Jun, an analyst at CITIC Securities Co.
Also today, the bureau said Shanghai's fixed-asset investment grew 4.8 percent to 392.6 billion yuan in the first 10 months, slowing from a rise of 5.2 percent in the first three quarters due to less investment in the property industry.
Shanghai's inflation climbed 2 percent in October, flat with the rate in September while its gross domestic product jumped 7.4 percent on an annual basis in the first three quarters.
Yan Jun, chief economist of the Shanghai Statistics Bureau, said earlier that Shanghai may still be able to realize this year's economic growth target of 8 percent.
"Foreign trade can be the major negative factor that prevents the city from fulfilling the target," Xue said.
Shanghai's foreign trade rose only 0.5 percent from a year earlier to US$362.9 billion in the first ten months, much slower than the nation's average pace of 6.3 percent, according to the General Administration of Customs.
Industrial output totaled 260 billion yuan (US$41.8 billion) last month with the consumer goods sector reporting a major increase.
"The expanding industrial production shows the domestic demand is recovering, a prelude to stabilization of Shanghai's economy," said Xue Jun, an analyst at CITIC Securities Co.
Also today, the bureau said Shanghai's fixed-asset investment grew 4.8 percent to 392.6 billion yuan in the first 10 months, slowing from a rise of 5.2 percent in the first three quarters due to less investment in the property industry.
Shanghai's inflation climbed 2 percent in October, flat with the rate in September while its gross domestic product jumped 7.4 percent on an annual basis in the first three quarters.
Yan Jun, chief economist of the Shanghai Statistics Bureau, said earlier that Shanghai may still be able to realize this year's economic growth target of 8 percent.
"Foreign trade can be the major negative factor that prevents the city from fulfilling the target," Xue said.
Shanghai's foreign trade rose only 0.5 percent from a year earlier to US$362.9 billion in the first ten months, much slower than the nation's average pace of 6.3 percent, according to the General Administration of Customs.
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