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Shanghai posts strong growth despite falling import, FDI
By Wang Yanlin |
August 17, 2010, Tuesday
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Online Edition
Online Edition
SHANGHAI'S economy expanded steadily last month, with rising export, industrial production and retail sales, but import and foreign direct investment both fell.
That paved the way for the city to reach its target of a 8 percent growth rate for the whole year, while officials said a 10-percent expansion is very possible.
Exports in Shanghai jumped 38.8 percent on an annual basis to US$16.9 billion in July, a record for a single month. The growth rate picked up from a 32.3 percent advance in June, according to the Shanghai Statistics Bureau.
Imports gained 22 percent to US$15.5 billion last month. But the speed of expansion slowed from a 44.2 percent surge in June due to less demand amid an economic restructuring.
"The moderation in imports is expected because the city now needs less raw materials for production when energy-intensive and high-pollution projects are reduced," said Li Maoyu, an analyst at the Changjiang Securities Co. "It may drag down industrial production and other economic indicators in the near future, but it benefits Shanghai's growth in the long run to make it a healthier expansion."
Industrial output in Shanghai rose 23.7 percent from a year earlier to 249.2 billion yuan (US$36.8 billion) last month, faster than June's increase of 20.4 percent.
Meanwhile, the city's retail sales advanced 18.1 percent to 50.5 billion yuan in July, more than the average increase of 17.6 percent in the first seven months.
More spending during the World Expo 2010 Shanghai was the main reason for the robust consumption, together with the city's prolonged stimulus measures for the purchase of household appliances and automobiles.
That paved the way for the city to reach its target of a 8 percent growth rate for the whole year, while officials said a 10-percent expansion is very possible.
Exports in Shanghai jumped 38.8 percent on an annual basis to US$16.9 billion in July, a record for a single month. The growth rate picked up from a 32.3 percent advance in June, according to the Shanghai Statistics Bureau.
Imports gained 22 percent to US$15.5 billion last month. But the speed of expansion slowed from a 44.2 percent surge in June due to less demand amid an economic restructuring.
"The moderation in imports is expected because the city now needs less raw materials for production when energy-intensive and high-pollution projects are reduced," said Li Maoyu, an analyst at the Changjiang Securities Co. "It may drag down industrial production and other economic indicators in the near future, but it benefits Shanghai's growth in the long run to make it a healthier expansion."
Industrial output in Shanghai rose 23.7 percent from a year earlier to 249.2 billion yuan (US$36.8 billion) last month, faster than June's increase of 20.4 percent.
Meanwhile, the city's retail sales advanced 18.1 percent to 50.5 billion yuan in July, more than the average increase of 17.6 percent in the first seven months.
More spending during the World Expo 2010 Shanghai was the main reason for the robust consumption, together with the city's prolonged stimulus measures for the purchase of household appliances and automobiles.
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