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Shanghai posts worst factory production
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SHANGHAI posted its worst industrial production in five years in November and the slowing trade and retail sales indicated that the city’s economy slowed in the fourth quarter, data from the Shanghai Statistics Bureau showed.
Industrial production shrank 3.1 percent from a year earlier to 270.3 billion yuan (US$43.5 billion) last month, down further from the 1.8 percent decline in October, with nearly all key industries growing slower due to weak demand.
The production of information technology-related goods, a strong source for growth previously, shed 5.5 percent in November, the official data showed.
The output of fine steel and refinery declined 10.9 percent and 5.9 percent respectively, while car manufacturing dipped 0.2 percent.
Shanghai’s trade grew more slowly as well. Exports edged up 0.8 percent last month, down from October’s rise of 6.3 percent. Import growth eased to 1.4 percent from 6.8 percent in October.
Retail sales grew a slower 8.2 percent in November from 10.1 percent in October.
“Nearly all activity data point to a slower growth,” the bureau said in a statement.
Li Maoyu, an analyst at Changjiang Securities Co, said the “fast deterioration, especially in the manufacturing sector, indicated a potential economic slowdown in the fourth quarter” whose growth may slow further to below 7 percent.
In the first three quarters, Shanghai’s gross domestic product expanded 7 percent year on year, compared with 7.1 percent in the first half and 7 percent in the first quarter.
Fixed-asset investment was the only bright spot, growing 6.7 percent to 523.1 billion yuan in the first 11 months, up from the pace of 4.9 percent during the January-October period.
The acceleration was helped by a 12.9 percent increase in investment in real estate after the government eased some restrictions on buying.
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