Economic indexes in Yangtze River Delta show rebound as epidemic impact wanes

Various economic indicators in the Yangtze River Delta, which includes Shanghai, have rebounded after policies aiming to stabilize the economy and speed up the resumption of work and production were rolled out, pointing to an accelerated recovery from the recent severe COVID-19 outbreak.

To date, 96 percent of the 9,472 industrial enterprises in Shanghai have resumed work, and 69 percent of these firms have resumed production, up nearly 20 percent from a week earlier, latest data from the Shanghai Municipal Commission of Economy and Information showed.

Weekly electricity consumption of industrial enterprises in the city in May increased 5.6 percent, with the average daily electricity consumption recovering to more than 86 percent of the same period last year, China Media Group reported on Sunday.

A staff member from an integrated circuit company in Shanghai said in an interview with the China Media Group that all staff had resumed work, with the company’s semiconductor products rolling off the production lines.

“We’re fully booked in terms of orders in 2022, and we are increasing production and expanding capacity as more orders come in,” the employee noted.

In May, Shanghai’s car production reached 70,000 units, more than triple that of April. For instance, US electric carmaker Tesla produced 33,544 vehicles in China last month, a surge of 212 percent from April, according to data from the China Passenger Car Association.

In addition to Shanghai, the economic indicators in other provinces in the delta region – East China’s Anhui Province, Jiangsu Province and Zhejiang Province – all showed significant rebounds.

In Anhui, the production index and new orders index for the local manufacturing purchasing managers index, rose 11.2 and 8.3 points, respectively.

In Jiangsu, industrial enterprises have fully resumed work, and industrial electricity consumption in Suzhou, an important production base for semiconductors and electronic items, increased by 26.5 percent last month.

More than 90 percent of over 20,000 key industrial enterprises, including those making automobiles and textiles in Zhejiang Province, have also resumed production.

The Yangtze River Delta has formed unified cross-regional cargo transportation standards, in a bid to ensure the supply chain as well as the smooth flow of transportation.

Source: Global Times

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