City economy grows by 7.5% as pace picks up
By Wang Yanlin |
January 22, 2013, Tuesday
|
Print Edition
Print Edition
Shanghai's economy expanded 7.5 percent in 2012 compared to a year earlier but fell short of the city's target of around 8 percent, data showed yesterday.
The growth rate slowed from 2011's 8.2 percent increase, and was slightly weaker than the nation's average of 7.8 percent.
However, it was picking up, with 7 percent expansion in the first quarter of last year, 7.2 percent in first half and 7.4 percent in the first three quarters, the Shanghai Statistics Bureau said.
"Shanghai is among the first batch of cities exhibiting signs of recovery," said Yan Jun, chief economist at the bureau. "The performance of Shanghai has been stabilizing, with better growth quality and growing efficiency."
The slower expansion rate compared to the national average was mainly due to weakening exports and the city's faster restructuring, Yan said.
Thanks to the accelerating economic upgrading, the output of Shanghai's service industry accounted for 60 percent of its total gross domestic product which totalled 2.01 trillion yuan (US$319 billion) last year.
The service sector rose 10.6 percent year on year to 1.2 trillion yuan in 2012, contributing 82.7 percent in last year's overall growth, and it was led by a surge of 12.6 percent in the financial industry, bringing the city closer to its goal of becoming a global financial center. The manufacturing sector gained 3.1 percent to 791.3 billion yuan last year, and the agricultural sector edged up 0.5 percent to 12.8 billion yuan.
With only 0.06 percent of China's land, 1.8 percent of its population and 1.7 percent of its investment, Shanghai produced more than 4 percent of the nation's overall economic output, Yan said.
Its aggregate output surpassed Hong Kong's in 2009 and Seoul's in 2011, and Shanghai was now around the world's 10th most productive city, Yan said.
Shanghai used to be the country's manufacturing hub, with a reputation for products such as watches, bicycles, television sets, textiles and refrigerators. The picture is changing as the city works to make more advanced products and boosts its service industry.
Last year, Shanghai's industrial production increased 2.9 percent on an annual basis to 644.6 billion yuan.
Automobile manufacturing, one of Shanghai's six pillar industries, accelerated 7 percent, and biomedicine added 7.9 percent. But the production of fine steel and machinery equipment, another two pillar industries, both fell last year due to economic restructuring aimed at reducing high-energy consuming industries.
Retail sales in the city rose 9 percent to 738.7 billion yuan in 2012, slower than 2011's 12.3 percent jump. But the value of e-commerce climbed 75.5 percent, offering hope of a strong growth point for the future.
Fixed-asset investment increased 3.7 percent to 525.4 billion yuan, among which the investment into urban infrastructure dropped 9.8 percent.
Shanghai's trade lost 0.2 percent to US$436.7 billion last year, with exports slumping 1.4 percent but imports increasing 1 percent.
Exports to the European Union were the biggest drag, the bureau said, while those to the United States and Japan increased 3.6 percent and 4.1 percent respectively.
The Consumer Price Index, the main gauge of inflation, rose 2.8 percent in 2012, stabilizing from the jump of 5.2 percent in 2011.
The Producer Price Index, the factory gate measurement of inflation, reported a 1.6 percent cut last year.
The disposable income of urban residents in Shanghai grew 10.9 percent to 40,188 yuan in 2012, while that of rural households increased 17,401 yuan, up 11.2 percent from a year earlier.
The growth rate slowed from 2011's 8.2 percent increase, and was slightly weaker than the nation's average of 7.8 percent.
However, it was picking up, with 7 percent expansion in the first quarter of last year, 7.2 percent in first half and 7.4 percent in the first three quarters, the Shanghai Statistics Bureau said.
"Shanghai is among the first batch of cities exhibiting signs of recovery," said Yan Jun, chief economist at the bureau. "The performance of Shanghai has been stabilizing, with better growth quality and growing efficiency."
The slower expansion rate compared to the national average was mainly due to weakening exports and the city's faster restructuring, Yan said.
Thanks to the accelerating economic upgrading, the output of Shanghai's service industry accounted for 60 percent of its total gross domestic product which totalled 2.01 trillion yuan (US$319 billion) last year.
The service sector rose 10.6 percent year on year to 1.2 trillion yuan in 2012, contributing 82.7 percent in last year's overall growth, and it was led by a surge of 12.6 percent in the financial industry, bringing the city closer to its goal of becoming a global financial center. The manufacturing sector gained 3.1 percent to 791.3 billion yuan last year, and the agricultural sector edged up 0.5 percent to 12.8 billion yuan.
With only 0.06 percent of China's land, 1.8 percent of its population and 1.7 percent of its investment, Shanghai produced more than 4 percent of the nation's overall economic output, Yan said.
Its aggregate output surpassed Hong Kong's in 2009 and Seoul's in 2011, and Shanghai was now around the world's 10th most productive city, Yan said.
Shanghai used to be the country's manufacturing hub, with a reputation for products such as watches, bicycles, television sets, textiles and refrigerators. The picture is changing as the city works to make more advanced products and boosts its service industry.
Last year, Shanghai's industrial production increased 2.9 percent on an annual basis to 644.6 billion yuan.
Automobile manufacturing, one of Shanghai's six pillar industries, accelerated 7 percent, and biomedicine added 7.9 percent. But the production of fine steel and machinery equipment, another two pillar industries, both fell last year due to economic restructuring aimed at reducing high-energy consuming industries.
Retail sales in the city rose 9 percent to 738.7 billion yuan in 2012, slower than 2011's 12.3 percent jump. But the value of e-commerce climbed 75.5 percent, offering hope of a strong growth point for the future.
Fixed-asset investment increased 3.7 percent to 525.4 billion yuan, among which the investment into urban infrastructure dropped 9.8 percent.
Shanghai's trade lost 0.2 percent to US$436.7 billion last year, with exports slumping 1.4 percent but imports increasing 1 percent.
Exports to the European Union were the biggest drag, the bureau said, while those to the United States and Japan increased 3.6 percent and 4.1 percent respectively.
The Consumer Price Index, the main gauge of inflation, rose 2.8 percent in 2012, stabilizing from the jump of 5.2 percent in 2011.
The Producer Price Index, the factory gate measurement of inflation, reported a 1.6 percent cut last year.
The disposable income of urban residents in Shanghai grew 10.9 percent to 40,188 yuan in 2012, while that of rural households increased 17,401 yuan, up 11.2 percent from a year earlier.
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