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Shanghai’s August factory output up faster
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Shanghai’s industrial production grew faster in August while fixed-asset investment and inflation growth both quickened a little, the city’s statistics bureau said yesterday.
Analysts said the city’s stabilizing economy reflected strengthening demand at home and abroad, which boded well for deepening reforms.
Industrial production grew 4.7 percent from a year earlier to 270 billion yuan (US$43.5 billion) last month, accelerating from the pace of 2.5 percent in July and 0.9 percent in June, the bureau said.
The city’s six key industries — information technology, vehicles, refining, fine steel, machinery equipment and biomedicine — rose 3.5 percent. It was less than the average industrial production growth largely due to a plunge of 6.7 percent in information technology. The bureau did not offer an explanation.
But vehicle output jumped 14 percent, followed by the biomedicine sector which gained 11.9 percent and refining whose output rose 7.7 percent.
“Faster growth in industrial production is a sign of recovered demand,” said Xue Jun, an analyst at CITIC Securities Co. “The overall economic conditions are tilted toward the upside, which paves the way for further reforms.”
Fixed-asset investment expanded 12.7 percent to 325.5 billion yuan in the first eight months of this year, a little quicker than the 12 percent growth between January and July.
It was bolstered mainly by the investment in real estate, which grew 21 percent in the first eight months, the bureau said. Sales of properties expanded 34.9 percent during that period.
Shanghai’s Consumer Price Index, the main gauge of inflation, rose 2.1 percent year on year in August, compared with the increase of 2 percent in July but still lower than the rise of 2.5 percent in June.
It also trailed the national figure as China’s inflation stood at 2.6 percent last month.
“Shanghai’s economy maintained a stable growth momentum. The city is sticking to the principle of pursuing advancement amid stability and now we put more emphasis on advancement,” Yan Jun, the bureau’s chief economist, said earlier.
Shanghai’s gross domestic product grew 7.7 percent year on year to 1.02 trillion yuan in the first half. The rate slowed a bit from the increase of 7.8 percent in the first three months but was higher than the national average of 7.6 percent between January and June.
With only 0.06 percent of China’s land, 1.8 percent of its population and 1.7 percent of its investment, Shanghai produced over 4 percent of the nation’s overall economic output.
Shanghai 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 has said.
One new growth opportunity for Shanghai is the launch of China’s first free trade zone which opens on September 29.
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