Shanghai’s industrial production improves
Print Edition
SHANGHAI’S industrial production edged up 0.1 percent from a year earlier to 259.5 billion yuan (US$41.8 billion) in April, reversing a drop of 1.5 percent in March, the Shanghai Statistics Bureau said yesterday.
The six core industries — information technology, automobile, oil refinery, fine steel, machinery equipment and biomedicine — grew 0.4 percent, better than the average expansion of all industries. The total output of the six core pillars was 173.4 billion yuan.
Meanwhile, the city’s fixed-asset investment rose 5.8 percent in the first four months of this year, quickening from the pace of 3.2 percent in the first quarter.
Investment in the property sector jumped 15 percent in the January-April period, bolstered by the recent easing of curbs on home purchases.
The improved production data indicated that the city’s economy was stabilizing, according to market experts.
“Shanghai’s economy is stabilizing,” said Lian Ping, chief economist at the Bank of Communications. “People are more confident of the future due to various reforms taken by the city.”
Shanghai’s finance sector turned out to be a major driver of the city’s economic growth. Output from various financial services and products jumped 28.7 percent in the January-March period, contributing 58.7 percent to the city’s expansion.
Shanghai’s economy grew 6.6 percent year on year in the first quarter, below the national level of 7 percent in the same period, and 0.4 percentage points less than the city’s growth last year.
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