Shanghai’s economic performance strengthens
Print Edition
Shanghai’s inflation growth eased in July while industrial production expanded faster and investment remained flat, indicating strengthening economic performance in the city.
The Consumer Price Index, the main gauge of inflation, rose 2 percent from a year earlier last month, compared with the increase of 2.5 percent in June, the Shanghai Statistics Bureau said yesterday.
It bucked the national trend last month as China’s inflation growth was unchanged at 2.7 percent.
“Shanghai’s weakening inflation is a good sign which means more room for policy changes,” said Xue Jun, an analyst at CITIC Securities Co.
Meanwhile, the city’s industrial production grew 2.5 percent year on year to 261.1 billion yuan (US$42.1 billion) in July, accelerating from the pace of 0.9 percent a month earlier.
The six key industries — information technology, vehicles, refining, fine steel, machinery equipment and biomedicine — rose 0.9 percent, less than the average industrial production growth last month largely due to a drop of 13.1 percent in information technology.
But biomedicine output climbed 20.8 percent, followed by vehicle production which was up 13 percent and refining which grew 8.5 percent.
Fixed-asset investment expanded 12 percent to 279.4 billion yuan in the first seven months, almost flat with the growth of 12.1 percent in the first six months, the statistics bureau said..
Shanghai’s gross domestic product expanded 7.7 percent on an annual basis to 1.02 trillion yuan in the first half of the year.
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 more than 4 percent of the nation’s overall economic output.
Shanghai targets at an economic growth rate of 7.5 percent this year.
One new growth opportunity for Shanghai is China’s first international free trade zone. In June, the State Council approved the city’s application to run a free trade zone trial, the latest step in a national strategy to open up markets and build Shanghai into an international trade and finance hub.
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