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City’s GDP growth slows to 7% in 2014
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Shanghai's gross domestic product expanded 7 percent from a year earlier in 2014, slowing from 2013’s 7.7 percent pace and less than the national rate of 7.4 percent, the Shanghai Statistics Bureau said today.
The city’s economic output amounted to 2.35 trillion yuan (US$384 billion) last year, with the service sector producing 64.8 percent of the total.
The growth was led by the expansion in the service sector, which rose 8.8 percent year on year to 1.53 trillion yuan, while the manufacturing sector gained 4.3 percent to 816.5 billion yuan. The agricultural sector edged up 0.1 percent to 12.4 billion yuan.
Growth was consistent in the city throughout 2014, with the pace moving no more than 7.1 percent and no less than 7 percent in each quarter, according to the bureau.
Shanghai will accelerate legislation for the pilot free trade zone this year to deepen reforms and to sustain the city's economic growth, Party Secretary Han Zheng said earlier.
It is part of efforts to adjust the city to the “new normal,” which means slower economic growth but an accelerated restructuring process, Han said.
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