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July 22, 2021

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City records 12.7% GDP jump

SHANGHAI saw an upswing in economic growth in the first half of 2021, with steady improvements in economic benefits and rapid growth in strategic emerging industries.

The city’s gross domestic product in the first six months of the year was 2.01 trillion yuan (US$310.5 billion), an increase of 12.7 percent over the same period last year, according to data from the city’s statistics bureau.

Industrial production grew at a fast pace in the first six months, with strategic emerging industries bounding ahead. Value-added industrial production in the city grew 20 percent year on year during that period, up 5.4 percent on average over the past two years.

Of the 35 major industrial sectors, production in 32 expanded.

Among them, automotive, special equipment and electrical machinery and equipment manufacturing led the way, with output value soaring by 36.9 percent, 32.6 percent and 31.7 percent, respectively.

Production of new-energy vehicles, new energy and high-end equipment shot up by 250 percent, 32.1 percent and 24.5 percent, respectively, while the two-year average growth rates were 160 percent, 27.3 percent and 6.7 percent.

The bureau also noted steady recovery in the service sector, led by robust growth in information services as well as wholesale and retail.

The tertiary sector advanced 11.3 percent year on year.

The added value of information transmission, software and information technology services exceeded 177 billion yuan, up 16.1 percent from a year earlier, with an average increase of 14.8 percent in two years. 

The wholesale and retail sector came in at 243 billion yuan, and the financial sector was over 384 billion yuan.

With the active implementation of policy measures to stimulate consumption and the launch of promotional activities such as those during the Double Five Shopping Festival, the city’s consumer market, especially the trading-up market, sped up the recovery, according to the bureau.

Foreign direct investment was US$12.45 billion, up 21.1 percent from the same period last year.


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