Shanghai's industrial output growth falls to 8% in July
20 August 2008
Shanghai's industrial output recorded only single-digit growth in July because of a "stern" domestic and international climate, the city's Statistics Bureau said Tuesday, state media reported. It is the first single-digit monthly growth figure this year. Production growth fell to 8% in July, to US$29.4 billion, compared with 14.3% production growth for the same month last year. The production increase for the city's six key industries - electronics, vehicles, fine steel, petrochemical processing, equipment and biomedicine - fell 9 percentage points to 7.2% growth. Tight monetary policy and rising material costs are among the causes hurting growth prospects for neighboring Zhejiang province's export-oriented companies.