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Shanghai鈥檚 economy further stabilizes in August
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Shanghai's industrial production grew much faster in August while fixed-asset investment and consumer price growth also quickened, the Shanghai Statistics Bureau said today.
Analysts said the city's stabilizing economy reflected strengthening demand at home and abroad, which boded well for deepening reforms in many fronts.
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, according to the official data.
The breakdown figures showed that the six key industries, namely, information technology, vehicle, refinery, fine steel, machinery equipment and biomedicine, rose 3.5 percent, still less than the average industrial production growth last month largely due to a plunge of 6.7 percent in information technology. The bureau did not offer an explanation.
But the output of vehicles jumped 14 percent, followed by the biomedicine sector which gained 11.9 percent and the refinery which rose 7.7 percent in output.
"Faster growth in industrial production signals recovered demand," said Xue Jun, an analyst at CITIC Securities Co. "The overall economic conditions are moving toward the upside, which paves the way for further reforms."
The fixed-asset investment expanded 12.7 percent to 325.5 billion yuan in the first eight months, a bit quicker than the growth of 12 percent between January and July, the bureau's data showed.
The 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 fell short of the national figure last month when China's inflation growth stood at 2.6 percent.
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