Shanghai's growth is slowing, mayor says
By Jia Feishang |
July 27, 2011, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S economic expansion is expected to further slow in the second half of this year, while consumer prices should rise more slowly from current high levels, Mayor Han Zheng said yesterday.
The city government has come up with a series of measures to help ease price pressures, including increasing local vegetable planting by offering subsidies to farmers, and raising the pensions of retired people, Han said in a speech to local legislators.
"We'll try to keep the consumer prices stable in the second of this year, which is the top priority of the city's economic development," Han said yesterday.
Shanghai's CPI, the main gauge of inflation, rose 5 percent from a year earlier in the first half. In June, it climbed at a 5.9 percent annual rate, a 35-month high. Food prices in the city rocketed 10.4 percent in the first six months compared to the previous year, led by soaring pork prices, which rose 24 percent.
Han said the vegetable-planting areas in the city would grow by half from last year to more than 20,000 hectares this summer to make sure of abundant supply.
The city government said it will offer higher subsidies to farmers to encourage the growth.
But Han predicted the CPI in the second half will grow more slowly, due to the grain harvest, abundant supply of industrial products and stable global commodity prices.
The city's GDP expanded 8.4 percent year on year in the first six months, lower than China's 9.6 percent. The slowing growth reflected Shanghai's efforts to rev up its economic restructuring against a backdrop of tightening monetary policies, higher prices and a slower-than-expected global recovery.
The service sector became a leading driver of the city's economy, Han said.
In the first half, services output jumped 8.8 percent from a year earlier to 529.9 billion yuan, while that of manufacturing rose 8 percent and the agricultural sector added 7.3 percent.
The mayor said the Shanghai government will continue to promote the construction of public housing projects and offer cheaper apartments in order to retain young talents and professionals.
New housing
The city will start building 2 million square meters of new houses in Nanhui New Town and Linggang Industrial Park soon, officials said earlier. Half of the new homes will come with a ceiling price and half will allow potential owners to rent first and purchase later.
The trial program is designed to provide housing for certain buyers, such as those working in areas including Nanhui New Town and Zhangjiang High-Tech Park.
The city government has come up with a series of measures to help ease price pressures, including increasing local vegetable planting by offering subsidies to farmers, and raising the pensions of retired people, Han said in a speech to local legislators.
"We'll try to keep the consumer prices stable in the second of this year, which is the top priority of the city's economic development," Han said yesterday.
Shanghai's CPI, the main gauge of inflation, rose 5 percent from a year earlier in the first half. In June, it climbed at a 5.9 percent annual rate, a 35-month high. Food prices in the city rocketed 10.4 percent in the first six months compared to the previous year, led by soaring pork prices, which rose 24 percent.
Han said the vegetable-planting areas in the city would grow by half from last year to more than 20,000 hectares this summer to make sure of abundant supply.
The city government said it will offer higher subsidies to farmers to encourage the growth.
But Han predicted the CPI in the second half will grow more slowly, due to the grain harvest, abundant supply of industrial products and stable global commodity prices.
The city's GDP expanded 8.4 percent year on year in the first six months, lower than China's 9.6 percent. The slowing growth reflected Shanghai's efforts to rev up its economic restructuring against a backdrop of tightening monetary policies, higher prices and a slower-than-expected global recovery.
The service sector became a leading driver of the city's economy, Han said.
In the first half, services output jumped 8.8 percent from a year earlier to 529.9 billion yuan, while that of manufacturing rose 8 percent and the agricultural sector added 7.3 percent.
The mayor said the Shanghai government will continue to promote the construction of public housing projects and offer cheaper apartments in order to retain young talents and professionals.
New housing
The city will start building 2 million square meters of new houses in Nanhui New Town and Linggang Industrial Park soon, officials said earlier. Half of the new homes will come with a ceiling price and half will allow potential owners to rent first and purchase later.
The trial program is designed to provide housing for certain buyers, such as those working in areas including Nanhui New Town and Zhangjiang High-Tech Park.
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