According to Shanghai Daily, Shanghai's economy didn't do well in Q1: Whereas China's economy grew 6.1 % yoy, Shanghai managed only 3.1 % growth (remember: this is year-on-year data; as Shanghai's economy still grew in early/mid 2008, it implies significant GDP contraction in Q4/Q1). Industrial production was down 8 %, and exports were down 26 %. So apparently, Shanghai was hit much harder by the export-slowdown than the rest of the country. Strangely, "textiles, furniture and toys were among the worst hit industries". I didn't know these were big industries in Shanghai to begin with, and thought that Shanghai specialized much more on electronics. But electronics aren't even mentioned.
Also according to Shanghai Daily, Shanghai's consumers spent 3.1 % less than Q1 last year. Though that seems to contradict the other article, which claims that retail sales (including hotels and restaurants) rose 14.1 %. How can consumption drop 3.1 % when retail sales go up 14.1 %? I have no idea. China's seemingly contradictory stats never cease to amaze me...
(Hat tip China Hearsay for the links)
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