Government News
Shanghai's economic slowdown eases in November 2022-12-20
Shanghai's Economic Slowdown Eases in November
The slowdown in Shanghai's economy eased last month, according to official data.
Retail sales of consumer goods in the city fell 3.9 percent from a year ago to CNY166 billion (USD23.78 billion) in November, figures from the local statistics bureau showed on Tuesday. That compared with a drop of 9.7 percent in October. Hotel and restaurant revenues fell 5.4 percent to CNY11.16 billion, versus a 13.3 percent drop the month before.
The decline was less precipitous than the cumulative drop since the start of this year. From January to November, retail sales of consumer goods stood at CNY1.5 trillion (USD210 billion), a fall of 9.1 percent, while hotel and restaurant revenues tumbled 22 percent.
Shanghai had almost 9.41 million people arriving and departing from the city last month, a 28 percent slump from a year earlier. From January to November, the figure was 77.5 million, a 55 percent plunge. Delivery business volume in November was 317 billion items, down 13 percent from the same period a year ago.
In the 11 months through November, fixed asset investment fell 2.6 percent from a year earlier, with urban infrastructure investment down 15.5 percent and real estate development investment falling 3.3 percent.
Meanwhile, Shanghai's large industrial enterprises had total industrial output of CNY388.5 billion in November, up 2.5 percent from last year.
Source: Yicai
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