Shanghai’s industrial output grows faster
Print Edition
SHANGHAI’S industrial production rose by a slightly faster pace in April but fixed-asset investment grew by a slower rate in the first four months of this year, painting a mixed picture of the city’s economy.
Industrial output expanded 4.8 percent from a year earlier to 266.1 billion yuan (US$42.7 billion) last month, the Shanghai Statistics Bureau said yesterday. The pace quickened from 4.6 percent in March.
The city’s fixed-asset investment from January to April rose 4.1 percent to 144 billion yuan, slowing from the growth of 6.5 percent in the first quarter.
“Shanghai’s economy seems to be stabilizing after a weak first quarter,” said Li Maoyu, an analyst at Changjiang Securities Co. “The slowing investment growth is likely a result of reforms to reduce reliance on investment to push forward growth.”
Shanghai’s economic growth in the first quarter weakened to 7 percent, slower than China’s national rate of 7.4 percent and also down from 7.6 percent the city posted in the previous quarter. The extent of the moderation also beat expectations.
“The slowdown in the first quarter was mainly due to weak industrial production, and its recent pickup was really encouraging,” Li said.
The city’s six pillar industries of information technology, automobile, refinery, fine steel, machinery and biomedicine led the industrial advance with a 5.1 percent increase, above the average rate.
Shanghai targets a 7.5 percent economic growth this year.
The city’s Consumer Price Index gained 2.6 percent in the first four months, indicating limited inflationary pressure and leaving room for the city to adjust policies.
Its foreign trade increased 7 percent to 911.1 billion yuan during the January-April period, beating the national average that dipped 0.5 percent.
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