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Shanghai inflation accelerates while economy slows
By Wang Yanlin |
September 17, 2012, Monday
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Online Edition
Online Edition
INFLATION rebounded in Shanghai last month and there were renewed signs of slowing economy with declines in trade and industrial production and lukewarm investment.
The only bright spot in the August data was more foreign direct investment thank to the Disneyland theme park project, the Shanghai Statistics Bureau said today.
The Consumer Price Index, the main gauge of inflation, expanded 2.2 percent from a year earlier in August, accelerating from July's 2.1-percent increase and snapping a moderating streak since February.
Food costs, which account for one-third in the total basket, rose 4.8 percent, compared with July's gain of 4 percent.
"The rebound of inflation is a bad thing for Shanghai when there are few signs of an economic recovery," said Li Maoyu, an analyst at Changjiang Securities Co.
Last month, Shanghai's exports fell 5.3 percent year on year to US$17.4 billion and imports contracted 5.2 percent to US$19.4 billion -- the first time since April for the city to report declines in both exports and imports.
The industrial production fell 1.8 percent to 264.6 billion yuan (US$42 billion) after dropping 0.9 percent in July and 3.5 percent in June.
The city's six key industries of manufacturing, IT, automobile, petroleum, refined steel, machinery equipment and biomedicine reported a decrease of 0.7 percent to 174.1 billion yuan.
Fixed-asset investment was also weak and edged up only 5.5 percent year on year to 288.8 billion yuan in the first eight months.
"Shanghai's performance failed our expectation," said Xue Jun, an analyst at CITIC Securities Co. "The city is unlikely to reach an economic recovery anytime soon with disappointing data in almost all fronts."
The only sector that may be cheerful was foreign investment. Overseas investors channeled US$1.6 billion into Shanghai last month, up 20.9 percent from a year earlier.
Yan Jun, chief economist at the local statistics bureau, said Shanghai's economy will stabilize with its strong service industry and an improving manufacturing industry. He was also confident about the city's ability to reach the 8 percent growth target for this year.
In the first half, output of Shanghai's service sector jumped 10.3 percent from a year earlier, enabling the city to deliver an economic growth of 7.2 percent in the first six months.
The only bright spot in the August data was more foreign direct investment thank to the Disneyland theme park project, the Shanghai Statistics Bureau said today.
The Consumer Price Index, the main gauge of inflation, expanded 2.2 percent from a year earlier in August, accelerating from July's 2.1-percent increase and snapping a moderating streak since February.
Food costs, which account for one-third in the total basket, rose 4.8 percent, compared with July's gain of 4 percent.
"The rebound of inflation is a bad thing for Shanghai when there are few signs of an economic recovery," said Li Maoyu, an analyst at Changjiang Securities Co.
Last month, Shanghai's exports fell 5.3 percent year on year to US$17.4 billion and imports contracted 5.2 percent to US$19.4 billion -- the first time since April for the city to report declines in both exports and imports.
The industrial production fell 1.8 percent to 264.6 billion yuan (US$42 billion) after dropping 0.9 percent in July and 3.5 percent in June.
The city's six key industries of manufacturing, IT, automobile, petroleum, refined steel, machinery equipment and biomedicine reported a decrease of 0.7 percent to 174.1 billion yuan.
Fixed-asset investment was also weak and edged up only 5.5 percent year on year to 288.8 billion yuan in the first eight months.
"Shanghai's performance failed our expectation," said Xue Jun, an analyst at CITIC Securities Co. "The city is unlikely to reach an economic recovery anytime soon with disappointing data in almost all fronts."
The only sector that may be cheerful was foreign investment. Overseas investors channeled US$1.6 billion into Shanghai last month, up 20.9 percent from a year earlier.
Yan Jun, chief economist at the local statistics bureau, said Shanghai's economy will stabilize with its strong service industry and an improving manufacturing industry. He was also confident about the city's ability to reach the 8 percent growth target for this year.
In the first half, output of Shanghai's service sector jumped 10.3 percent from a year earlier, enabling the city to deliver an economic growth of 7.2 percent in the first six months.
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