Shanghai's fixed asset investments accelerated through November,
the city's statistics bureau said yesterday, adding that funds
pumped into urban infrastructure and manufacturing rose while that
for property development declined.
In the first 11 months of the year, Shanghai's FAI climbed 9.7
percent from a year earlier to 399.3 billion yuan (US$53.9 billion)
for a rise of 1.6 percentage points over the growth through
October.
"Shanghai's fixed-asset investments have kept a steady pace of
growth, boosted by the promising outlook for the city's economy,"
said Chen Xiao, a spokesman for Shanghai Statistics Bureau. "The
city's six pillar industries grew a little slower compared with
other manufacturing sectors due to controls on polluted and highly
energy-consuming enterprises."
Shanghai's six key industries - electronics, vehicle, fine
steel, petrochemical processing, equipment and biomedicine - saw
their combined investment jump 12.8 percent year on year to 75.1
billion yuan.
Spending on urban infrastructure gained 28.8 percent to 129
billion yuan while investment in manufacturing rose 14.9 percent to
127 billion yuan.
Investment in the property sector has dropped for four straight
months since July, with spending of 120.5 billion yuan through
November. The amount spent was almost the same compared with the
same period last year.
The scale of property development has fallen to 30.2 percent of
the total fixed-asset spending, from last year's 33.1 percent,
according to the bureau.
The steady growth of investment has bolstered the city's
industry output.
Shanghai's industry production grew 14.5 percent to 197.6
billion yuan in November, with the biggest contribution from output
of electronic products and vehicles, the bureau said.
Production of electronic products, accounting for 42.4 percent
of the total output of the city's six key industries, jumped 20.5
percent last month to 55.2 billion yuan, while vehicle production
climbed 21.1 percent to 15.78 billion yuan.
(Shanghai Daily December 19, 2007)
