Shanghai economy shows little sign of slowing down
Shanghai's economy grew 12.4 per cent year on year in the first eight months of this year, slowing only marginally from an annual growth rate of 12.6 per cent in the first half despite calls for more moderate growth.
Shanghai Mayor Han Zheng told a government meeting that the economy was developing in a 'healthy, orderly' manner, local media reported yesterday.
In January, Mr Han set a target for gross domestic product growth of at least 10 per cent this year, but officials said the city was aiming for less than the 11.1 per cent recorded last year.
The last time Shanghai's economic growth approached present levels was in 2004, when the economy grew a whopping 14.2 per cent.
Shanghai's investment in fixed assets rose 9.5 per cent year on year in the first eight months of this year, lifted by spending on infrastructure, the reports said. That figure is unchanged from the first half, but lower than the 14.8 per cent growth in fixed-asset investment recorded last year.
The city's port-cleared exports - which measures exports passing through Shanghai's port regardless of their origin - rose more than 25 per cent in the first eight months to US$170 billion.
Some analysts have expressed concerns over Shanghai's dependence on exports and property development as the basis for economic growth.
Last year, US$3.8 billion of so-called 'hot money' flowed into Shanghai's property market, the Beijing Times has reported.
