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Shanghai's boom bolsters fixed asset investments
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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)

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