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People's Daily Online>>China Business

City's GDP performs better

(Shanghai Daily)

09:30, December 16, 2011

Shanghai's economy turned in a better-than-expected performance in November as industrial production rose, the fall in investment narrowed and consumer prices eased.

The city's industrial production rose 3.2 percent from a year earlier to 276.5 billion yuan (US$43.8 billion) last month, the Shanghai Statistics Bureau said yesterday. The rise was better than the gain of 0.9 percent in October.

Fixed-asset investment dipped 0.9 percent annually to 435 billion yuan in the first 11 months, narrowing from the drop of 1.9 percent between January and October.

"Compared with the nation's (economic) performance, Shanghai exhibited resilience and strength in manufacturing and investment," said Wang Zehua, an analyst at the bureau.

China's industrial production rose the least in more than two years in November while fixed-asset investment also weakened further in the first 11 months from the pace between January and October, the National Bureau of Statistics said.

Shanghai also saw inflationary pressure ease when its Consumer Price Index, the main gauge of inflation, hit an 8-month low of 4.9 percent in November from 5.6 percent in October.

"A moderating inflation, which goes in tandem with the national trend, allows more room for new policies to lift growth of small and export-oriented firms which are suffering from low external demand," said Li Maoyu, an analyst at Changjiang Securities Co.

In November, Shanghai's export growth weakened sharply to 6.7 percent worth US$18.2 billion from October's 17.4 percent on fewer orders from the European Union. But imports grew strongly by 13.1 percent annually to US$19.6 billion.

Shanghai's economy has been cooling moderately. In the first three quarters, its economy rose 8.3 percent from a year earlier, slower then 8.4 percent in the first half and 9.9 percent in 2010.

Top state leaders mapping out the economic direction for 2012 at the Central Economic Work Conference, which ended on Wednesday, said the country will still stick to a prudent monetary policy.

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