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6.8%! Shanghai’s economic growth in 2016 exceeds national level for the 1st time since 2008

SHANGHAI'S economic growth last year exceeded the national level for the first time since 2008 powered by the services sector and advanced new industries, the Shanghai Statistics Bureau said today.

The city's gross domestic product rose 6.8 percent year-on-year in 2016, faster than the China growth of 6.7 percent and comparing with the city's 6.9 percent growth in 2015, official data showed.

Faster growth in the fourth quarter lifted the city's economic expansion from 6.7 percent in the first three quarters.

Services, which accounted for 70.5 percent in the total economic output of 2.75 trillion yuan (US$400 billion), was the main driver of the GDP growth.

The sector rose 9.5 percent last year, while manufacturing edged up 1.2 percent and agriculture fell 6.6 percent, data showed.

Tang Huihao, chief economist of the bureau, said the growth was a hard-earned achievement as Shanghai was experiencing the pains of reform.

“The growth was within the reasonable range, meeting the official target of between 6.5 to 7 percent,” said Tang. “The growth was relatively fast among Chinese cities of similar development level with Shanghai.”

Consumer Price Index, a main gauge of inflation, rose 3.2 percent last year, 0.8 percentage points higher than 2015.

Shanghai's inflation has been warmer than the national level for 36 consecutive months and above 3 percent for 10 consecutive months.

The city's prices were mainly driven by rising costs of services, Tang said.


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