Shanghai’s economic growth steady
Print Edition
SHANGHAI’S economy grew relatively stable in the first two months of this year despite a slump in the manufacturing sector, data from the Shanghai Statistics Bureau showed yesterday.
Industrial production shrank 5.7 percent from a year earlier to 449.6 billion yuan (US$69.4 billion) in January and February combined. It contracted 3.2 percent in December alone.
“It is partly a result of the effect of the Spring Festival holiday,” said Tang Huihao, chief economist at the bureau. “But the moderation in the manufacturing sector was sharper than expected, which may require the attention of the authorities.”
Lian Ping, chief economist at the Bank of Communications, said Shanghai should find new drivers for its economic growth.
“The drivers could be the continued construction of the pilot free trade zone in Shanghai, the city’s efforts to realize its ambition to become a global science and innovation center, and the operation of the Shanghai Disneyland this year,” Lian said.
In Shanghai’s 13th Five-Year (2016-2020) Plan, the government is determined to keep the manufacturing sector steady, which should contribute no less than 25 percent of the city’s economic output. In 2015, manufacturing made up 31 percent of Shanghai’s gross domestic product.
Biomedicine output managed to grow just 0.1 percent to become the only key industry in the city to expand. The city’s other five key industries are refinery, machinery, automobile, information technology and steel.
Shanghai’s retail sales rose 7 percent to 170.2 billion yuan in the first two months, slower than the 8.1 percent growth last year. Fixed-asset investment rose 6.6 percent to 71.9 billion yuan, up from the 5.6 percent gain in 2015.
Investment in the property sector jumped 10.3 percent to 49.9 billion yuan during the period.
In 2015, Shanghai’s GDP expanded 6.9 percent, same as the national pace.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
