Shanghai's economic diagnosis still healthy
By Wang Yanlin |
May 18, 2010, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S economy continued to grow strongly in April, with robust retail sales, more foreign investment and rebounding trade.
However, industrial production and fixed-asset investment moderated slightly due to central government tightening policies.
Analysts are generally optimistic about Shanghai's economic outlook, with the city striding forward on the path to become a global financial and shipping center.
In the short term, they said changes in the property market may pose a concern.
The city's retail sales expanded 16.5 percent from a year earlier to 47.5 billion yuan (US$6.95 billion) last month, up from the increase of 15.5 percent in March, the Shanghai Statistics Bureau said yesterday.
Foreign direct investment in the city advanced 4.7 percent year on year to US$1.11 billion last month, while exports jumped 29.3 percent to US$14.2 billion and imports doubled to US$15.9 percent, creating a trade deficit for a second consecutive month.
"Nearly all data suggests a strong growth in Shanghai's economy," said Yan Jun, an analyst with the bureau.
"Retail sales witnessed a boost in April before the Shanghai 2010 World Expo and are expected to continue to increase during the six-month event," Yan said.
People's consumption has also climbed up the value chain and they are now generally buying more sophisticated products like jewelry, sports facilities, "smart" gadgetry and designer clothes, according to the bureau.
The city's spending on home appliances soared 28.6 percent from a year earlier to 2.9 billion yuan in April, furniture sales jumped 25 percent to 198 million yuan and car sales surged 37.4 percent to 7 billion yuan.
Gross domestic product soared 15 percent on an annual basis to 381 billion yuan in the first quarter, the biggest rise since 1993. Manufacturing output advanced 26.2 percent from a year earlier to 239.5 billion yuan in April.
Fixed-asset investment grew 11 percent year on year to 139.3 billion yuan through April, less than an 18.3-percent advance in the first quarter, the bureau said.
The Consumer Price Index rose an annualized 2.6 percent in April, up from the increase of 2.1 percent in March.
Looking ahead, the risk of overheating had been largely reduced due to slower growth in fixed-asset investment, said Li Maoyu, an analyst at Changjiang Securities Co.
"A concern is how the local property market will respond to policies aimed at curbing speculation," Li said.
However, industrial production and fixed-asset investment moderated slightly due to central government tightening policies.
Analysts are generally optimistic about Shanghai's economic outlook, with the city striding forward on the path to become a global financial and shipping center.
In the short term, they said changes in the property market may pose a concern.
The city's retail sales expanded 16.5 percent from a year earlier to 47.5 billion yuan (US$6.95 billion) last month, up from the increase of 15.5 percent in March, the Shanghai Statistics Bureau said yesterday.
Foreign direct investment in the city advanced 4.7 percent year on year to US$1.11 billion last month, while exports jumped 29.3 percent to US$14.2 billion and imports doubled to US$15.9 percent, creating a trade deficit for a second consecutive month.
"Nearly all data suggests a strong growth in Shanghai's economy," said Yan Jun, an analyst with the bureau.
"Retail sales witnessed a boost in April before the Shanghai 2010 World Expo and are expected to continue to increase during the six-month event," Yan said.
People's consumption has also climbed up the value chain and they are now generally buying more sophisticated products like jewelry, sports facilities, "smart" gadgetry and designer clothes, according to the bureau.
The city's spending on home appliances soared 28.6 percent from a year earlier to 2.9 billion yuan in April, furniture sales jumped 25 percent to 198 million yuan and car sales surged 37.4 percent to 7 billion yuan.
Gross domestic product soared 15 percent on an annual basis to 381 billion yuan in the first quarter, the biggest rise since 1993. Manufacturing output advanced 26.2 percent from a year earlier to 239.5 billion yuan in April.
Fixed-asset investment grew 11 percent year on year to 139.3 billion yuan through April, less than an 18.3-percent advance in the first quarter, the bureau said.
The Consumer Price Index rose an annualized 2.6 percent in April, up from the increase of 2.1 percent in March.
Looking ahead, the risk of overheating had been largely reduced due to slower growth in fixed-asset investment, said Li Maoyu, an analyst at Changjiang Securities Co.
"A concern is how the local property market will respond to policies aimed at curbing speculation," Li said.
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