Shanghai steers steady growth for economy

The city's industrial output, consumer prices and foreign trade all rose last month.

Shanghai's economy grew steadily in February as industrial output, consumer prices and foreign trade all rose.

Its foreign trade increased 8.9 percent to 239.47 billion yuan (US$37.84 billion) from the same month last year, according to Shanghai Statistics Bureau.

Imports rose 2.5 percent to 141.62 billion yuan while exports jumped sharply by 19.7 percent to 97.86 billion yuan compared to February last year.

For the January-February period, the city's total foreign trade rose 10.2 percent from a year earlier to 529.17 billion yuan.

Shipments to Japan jumped 59.8 percent to 11.64 billion yuan in February. Exports to the United States rose 12.5 percent and those to the European Union gained 11.1 percent.

Shanghai's foreign direct investment grew 12.9 percent in contract value while capital that's invested surged 30.8 percent  in February.

The tertiary industry accounted for 97.6 percent of the city's total FDI contract value as it sealed 256 FDI projects worth US$394.7 million, up 19.1 percent year on year. 

Meanwhile, the city's value-added industrial output in January-February jumped 9 percent from a year earlier to 548.68 billion yuan, up from the 7.3 percent rise in the same period last year.

Of the city's six key industrial sectors, the output of biological medicine grew fastest by 15.7 percent to 16.24 billion yuan year on year, while the output of high-quality steel manufacturing fell 5.9 percent and that of petrochemical and fine chemicals shed 0.2 percent.

Fixed asset investments in the city rose 10.2 percent to 87.54 billion yuan in January and February year on year, with  investments in infrastructure up 12.4 percent and those in real estate added 10.1 percent.

Shanghai port’s cargo throughput sank 1.3 percent to 49.80 million tons from February 2017. The container throughput rose 11.3 percent to 2.95 million TEUs (twenty-foot equivalent units).

The city's Consumer Price Index, a main gauge of inflation, rose 2.6 percent in February year on year, and grew 1.8 percent in the January-February period from a year earlier.

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