Mixed reading for Shanghai’s economy
Print Edition
FIXED-ASSET investment, retail and home sales cooled in Shanghai in the first five months but its industrial production and imports improved, latest data revealed.
Investment in fixed asset rose 8 percent year on year in the January-May period, slower than the 8.3 percent growth in the first four months, the Shanghai Statistics Bureau said.
Retail sales added 7.1 percent in the first five months to 432.8 billion yuan (US$65.7 billion), slower than the 7.3 percent gain in the January-April period.
Sales of new homes by area rose 16.6 percent in the first five months, slowing from the 21.1 percent jump in the January-April period.
The decline occurred after Shanghai in late March raised the down payment for buying a second home, and tightened home purchase curbs on non-local residents.
Investment in services grew 10.5 percent, while that in agriculture fell 12.9 percent and manufacturing industries saw a 3.3 percent drop.
Though the city’s industrial output fell by 5 percent to 242.9 billion yuan in May, the drop narrowed from 5.8 percent in April.
Imports recovered from a 6.1 percent fall in April by jumping 14.2 percent year on year in May to 135.1 billion yuan. Exports fell 1.4 percent to 100 billion yuan, narrowing from April’s 2.8 percent decline.
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