Economy

Markets

Industries

Insights

Reports

Events

Industrial added value drops in 5 provinces, municipalities

By Yu Hongyan (chinadaily.com.cn)
Updated: 2008-12-18 16:50

The industrial added value registered negative growth in five provinces or municipalities in November, including Beijing, Shanghai, Shanxi, Ningxia, and Hainan, the National Bureau of Statistics announced Tuesday.

Special coverage:  Coping with Crisis Related readings:  China's industrial output growth hits record low  China's industrial output growth slumps to 5.4% in Nov  Official: Industrial sector to weaken further amid global downturn  7 measures to boost industrial output

Beijing saw a decline back in August of 9.1 percent year-on-year on industrial added value. Three months later, Shanxi province, China's major coal producing area, experienced a sharp drop of 24.5 percent year-on-year.

The Beijing Economic Information Center predicts the city's economic growth to be around 9.7 percent this year, and the growth rate in 2009 may be around 9-9.5 percent.

Meanwhile, a report from the Shanghai Academy of Social Sciences stated that Shanghai may achieve the target of 10 percent economic growth this year, but the forecast for next year is set to be below this level.

Although avoiding negative growth, Zhejiang province achieved a mere 0.9 percent growth in industrial added value. The economically robust province has lowered its expectations on GDP growth to 9 percent in 2009, comparing with this year's 10 percent, the 21st Century Business Herald quoted Tang Lilu, director of the province's economic and trade commission as saying.