Shanghai’s GDP grows 7% in Q1
Print Edition
SHANGHAI’S economy in the first quarter grew 7 percent year on year to 531.3 billion yuan (US$85 billion), slowing from 7.6 percent in the previous three months, the city’s statistics bureau said yesterday.
While the figure was in line with the national trend — China’s GDP growth slowed to 7.4 percent for the period, from 7.7 percent in the final quarter of 2013 — the extent of the moderation was surprising.
Analysts attributed it to weaker industrial production, which gained just 4 percent year on year, down from 6.6 percent for the same period of 2013 and well below the national figure of 8.7 percent.
Shanghai’s automobile manufacturing maintained its robust growth at 15 percent in the quarter while production of biomedicine jumped 14.6 percent. However, the information technology and oil refinery sectors both reported declining output, which weighed on the overall growth of industrial production.
“Shanghai is undergoing economic restructuring and industrial upgrading, which explains why it reported much weaker performance in manufacturing,” said Li Maoyu, an analyst at Changjiang Securities Co.
“A slowdown is natural during the transition period, and there is no need to panic,” he said.
The city’s commitment to improving its economic growth quality was exemplified on Thursday with the opening of the 2nd China (Shanghai) International Technology Fair.
Speaking at the event, Xu Kuangdi, former Shanghai mayor and honorary chairman of the governing board of the Chinese Academy of Engineering, urged the city’s business leaders to take the lead in technological development, which he said is key to accelerating Shanghai’s economic restructuring.
Despite Shanghai’s poor industrial figures, the city fared relatively well on other fronts.
Its services sector expanded 8 percent in the period. Retail sales in the first quarter gained 11.2 percent year on year, up from 8.6 percent a year earlier.
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