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January 22, 2020

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Services sector fires Shanghai GDP to 6%

SHANGHAI’S economy continued to show signs of strength last year, despite challenges at home and abroad, according to the city’s statistics bureau.

Gross domestic product for 2019 touched 3.82 trillion yuan (US$550 billion), an increase of 6 percent, the Shanghai Bureau of Statistics said yesterday.

The services sector led the growth with an increase of 8.2 percent, and added value of 2.78 trillion yuan. The portion of the tertiary sector in the overall GDP continued to expand, accounting for 72.7 percent of the overall economy, 1.8 percentage points more than the previous year.

Tang Huihao, the bureau head, said: “With downward pressure rising, Shanghai sustained overall stability and steady progress, and the 6 percent growth achieved by Shanghai was no easy feat.”

The city’s overall per capita disposable income reached 69,442 yuan last year, up 8.2 percent. Among urban residents, per capita disposable income was 73,615 yuan, also up by 8.2 percent. For rural residents, per capita disposable income was 33,195 yuan, up by 9.3 percent, with the latter growing faster than the former for the eighth consecutive year.

Tang said the increase of per-capita disposable income was driven by salary income, which accounts for nearly 60 percent of the total income, pulling the income up 4.5 percentage points.

Tang added that the increase of disposal income had benefited from four factors — steady progress of the city’s economy, cuts in personal tax, and rises in both salaries and pensions.

Retail sales of consumer goods rose 6.5 percent year on year, reaching 1.34 trillion yuan. Last year, the Shanghai rolled out policies to promote consumption, such as optimizing supply, hosting China Brand Day, promoting duty free shopping and the nighttime economy.

Fixed-asset investment increased 5.1 percent year on year in 2019, 0.3 percentage points faster than in the previous three quarters. Industrial investment grew at its fastest pace of 11.3 percent, maintaining two-digit growth for 21 consecutive months.

Total city imports and exports reached 3.4 trillion yuan, expanded by 0.1 percent year on year. Exports grew by 0.4 percent, reaching 1.37 trillion yuan, while imports declined 0.1 percent.

The European Union is still Shanghai’s biggest trading partner, with imports and exports reaching 0.73 trillion yuan, expanding by 2.9 percent.

For the first time, the Association of Southeast Asian Nations surpassed the US to become the city's second largest trading partner, with imports and exports up 11.3 percent to 0.47 trillion yuan.

Imports and exports to the Belt and Road countries and regions grew by 7.2 percent year on year.


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