City production rises amid recovery | Shanghai Daily

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City production rises amid recovery

SHANGHAI'S industrial production expanded for the third straight month in August, consolidating a recovery in the city's economy.

Industrial output in Shanghai rose 2.6 percent from a year earlier to 204.7 billion yuan (US$29.9 billion) last month, the Shanghai Statistics Bureau said today.

The growth picked up from the increases of 2.1 percent in July and 2.4 percent in June. Before June, the indicator of Shanghai's manufacturing fell for seven consecutive months due to the fallout of the global financial crisis.

"The stabilizing growth in industrial output is a good sign which reflects the resilience of Shanghai's economy," said Wang Zehua, a bureau analyst. "Domestic demand boosted by the stimulus package has in part compensated for losses brought by fewer overseas orders."

The city's six key industries -- electronics, vehicles, fine steel, petrochemical processing, machinery equipment and biomedicine -- posted a combined output of 134.2 billion yuan last month, up 8.9 percent from a year earlier.

Shanghai's gross domestic product advanced 5.6 percent in the first half of this year on an annual basis, improving from a record low of 3.1 percent in the first quarter. City government has targeted growth of 9 percent for the whole year.




 

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