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City's economic growth steady in Nov as reforms accelerate
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SHANGHAI’S economy continued to grow steadily in November, providing a level of comfort as the city accelerates its economic restructuring and reform, a set of data showed this morning.
The city's industrial production expanded 8.6 percent from a year earlier to 282.9 billion yuan (US$46 billion) last month, growing faster than the pace of 8.1 percent in October, according to the Shanghai Statistics Bureau.
Fixed-asset investment rose 8.3 percent to 490.3 billion yuan in the first 11 months, moderating 1.2 percentage points from the figure for the first 10 months.
The Consumer Price Index, the main gauge of inflation, increased 2.4 percent last month, compared with 2.6 percent in October and the national average of 3 percent.
"Shanghai's economy continued a stable performance," said Xue Jun, an analyst at CITIC Securities Co. "Although the city may be behind others in absolute growth rates, it is successful in shifting the focus to growth quality through economic upgrading."
Shanghai's main focus right now is not at all gross domestic product growth but to promote reform and restructuring, said Shanghai Party Secretary Han Zheng, who noted "innovation and transformation are the two major tasks at hand."
Shanghai can tolerate some slowing of growth as it seeks to transform its economy, Han said.
In the third quarter, Shanghai's gross domestic product rose 7.8 percent from a year earlier, up from the rate of 7.6 percent in the second quarter and leading other locations during the economic recovery.
The total output in Shanghai amounted to 1.55 trillion yuan in the first nine months, up 7.7 percent on an annual basis and better than yearly target of 7.5 percent.
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