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Industrial output falls 1st time in 5 years
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SHANGHAI’S industrial production contracted for the first time in five years in August and giving rise to concern that the economy is worsening rapidly, data from the Shanghai Statistics Bureau showed yesterday.
Industrial production shrank 2.5 percent from a year earlier to 263.5 billion yuan (US$43 billion) last month. It reversed from the gain of 1.6 percent in July, and was the first fall since the global financial crisis in late 2008.
“The city’s economy seemed to be decelerating rapidly,” said Li Maoyu, an analyst at Changjiang Securities Co. “The fast deterioration in manufacturing indicated a potential economic slowdown.”
Li also said that although the fall in industrial production was likely linked with Shanghai’s enhanced efforts to restructure its economy, “it is also a reflection of weakening demand that may jeopardize the economy.”
The production of vehicles fell 4.4 percent to 40.3 billion yuan in August, information technology lost 9.2 percent to 46.6 billion yuan, and biomedicine shed 3.4 percent.
Earlier data showed Shanghai’s trade rose 1.3 percent to US$38.4 billion last month, with exports adding 0.6 percent and imports up 1.9 percent — above the national average.
Fixed-asset investment in the city grew 3.9 percent to 338.1 billion yuan in the first eight months on a 6.1 percent rise in funds flowing into urban infrastructure construction in the period while investment in manufacturing fell 4.7 percent.
Retail sales expanded 10.6 percent last month, easing from 10.9 percent in July, according to the bureau’s data.
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