Shanghai's economic run stays in fast lane
By Wang Yanlin |
February 26, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI'S bullish economy continued apace last month, with soaring industrial production, busy trading activities and more outbound investment.
Producer prices continued to rise but inflation was under control.
Analysts said the data signaled a great start for 2010 and that Shanghai needed to press on and perhaps accelerate the revamp of its economic structure to make development more sustainable.
The city's industrial production climbed a whopping 46 percent from a year earlier to 223.4 billion yuan (US$32.72 billion) in January, the Shanghai Statistics Bureau said yesterday.
The growth picked up from an already healthy increase of 28.9 percent in December.
Shanghai's exports extended their gain for a second consecutive month and rose 19.1 percent year on year to US$13.2 billion in January.
Export growth was just shy of the 23.5-percent jump recorded in December.
Imports surge
Imports in the city rocketed 82.3 percent on an annual basis to US$12.8 billion in January, up from the 49.5- percent lift in December.
"The fast recovery in trade is a good harbinger for Shanghai's economic performance this year because it will boost manufacturing," said Li Maoyu, an analyst at Changjiang Securities Co.
"But we can't pin all our hopes on trade and should beef up efforts to stimulate local consumption and further adjust our economic structure for more independent and sustainable development."
During the annual session of the Shanghai Committee of the Chinese People's Political Consultative Conference last month, many members of the city's top political advisory body urged the local government to accelerate Shanghai's revamp to become a more services-led economy.
Key initiatives
Last April, the State Council, China's Cabinet, approved Shanghai's blueprint to become a global financial and shipping hub by 2020.
The city has started the ball rolling on a number of key initiatives, including:
The construction of a base of advanced equipment manufacturing in Lingang New City;
The endorsement of faster research and development into nuclear power;
A feasibility study into a locally made Metro train;
The production of more value-added goods.
The sparkling start for economic growth was also reflected by a moderate rise in producer prices last month.
The producer price index, the main factory-gate gauge of inflation, advanced 3.1 percent from a year earlier in January.
It was up from a rise of 1.7 percent in December due to sharper annualized increases in the costs of non-ferrous metal, steel and chemical products.
Producer prices continued to rise but inflation was under control.
Analysts said the data signaled a great start for 2010 and that Shanghai needed to press on and perhaps accelerate the revamp of its economic structure to make development more sustainable.
The city's industrial production climbed a whopping 46 percent from a year earlier to 223.4 billion yuan (US$32.72 billion) in January, the Shanghai Statistics Bureau said yesterday.
The growth picked up from an already healthy increase of 28.9 percent in December.
Shanghai's exports extended their gain for a second consecutive month and rose 19.1 percent year on year to US$13.2 billion in January.
Export growth was just shy of the 23.5-percent jump recorded in December.
Imports surge
Imports in the city rocketed 82.3 percent on an annual basis to US$12.8 billion in January, up from the 49.5- percent lift in December.
"The fast recovery in trade is a good harbinger for Shanghai's economic performance this year because it will boost manufacturing," said Li Maoyu, an analyst at Changjiang Securities Co.
"But we can't pin all our hopes on trade and should beef up efforts to stimulate local consumption and further adjust our economic structure for more independent and sustainable development."
During the annual session of the Shanghai Committee of the Chinese People's Political Consultative Conference last month, many members of the city's top political advisory body urged the local government to accelerate Shanghai's revamp to become a more services-led economy.
Key initiatives
Last April, the State Council, China's Cabinet, approved Shanghai's blueprint to become a global financial and shipping hub by 2020.
The city has started the ball rolling on a number of key initiatives, including:
The construction of a base of advanced equipment manufacturing in Lingang New City;
The endorsement of faster research and development into nuclear power;
A feasibility study into a locally made Metro train;
The production of more value-added goods.
The sparkling start for economic growth was also reflected by a moderate rise in producer prices last month.
The producer price index, the main factory-gate gauge of inflation, advanced 3.1 percent from a year earlier in January.
It was up from a rise of 1.7 percent in December due to sharper annualized increases in the costs of non-ferrous metal, steel and chemical products.
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