Government News
Shanghai’s Industrial Output Soars to Record as City’s Economy Perks Up 2022-10-27
Shanghai’s industrial output hit a new record high in September, after increasing for the fourth month in a row, as the city's economic indicators bounce back in the wake of a Covid-19-related lockdown earlier this year.
Industrial output rose 8.7 percent to CNY404.1 billion (USD55.4 billion) last month from a year earlier, data from the Shanghai Municipal Statistics Bureau showed yesterday. In the nine months ended Sept. 30, it fell 1.5 percent to CNY2.9 trillion (USD397.4 billion), picking up from a 9.7 percent drop in the first half.
The city’s total economic output fell 1.4 percent to CNY3.1 trillion in the first nine months, following a 2.9 percent decline in the first half.
Advanced industries did better than the average level. In the first three quarters, the new energy vehicle sector's output soared over 65 percent, with the integrated circuit, artificial intelligence, and biomedicine sectors gaining 19 percent, 17 percent, and 5.5 percent, respectively.
Shanghai government policies promoted a recovery in consumption. Nine-month retail sales of consumer goods totaled CNY1.2 trillion, down 10.7 percent from a year ago, but better than the first half’s 16.1 percent tumble. Sales ticked up 0.3 percent in September, after climbing for the third consecutive month.
Fixed-asset investment logged an annual decline of 8.6 percent in the January to September period, versus a 19.6 percent contraction in the six months ended June 30, as production and work continued to recover. It jumped 9.2 percent in the third quarter alone, with newly commenced projects up 2.4 percent.
Shanghai continues to play its role as a financial and shipping center despite many adverse factors. Financial market turnover surged 21 percent to nearly CNY2.2 quadrillion (USD306 trillion) in the first three quarters from a year ago. The city’s ports were still among the world's busiest, with a throughput of 34.9 million twenty-feet equivalent units.
Source: Yicai
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