Mayor sees foundation for reforms, innovation
Print Edition
SHANGHAI’S economic growth stabilized in the first six months, paving the way for more administrative innovation and deeper industrial reforms, Mayor Yang Xiong said yesterday.
“Shanghai has recorded steady economic growth so far this year,” Yang told legislators during a meeting of the Shanghai People’s Congress. “It lays the foundations for more trials in our society, including those in the pilot free trade zone and for state-owned enterprises.”
In the first six months, Shanghai’s gross domestic product expanded 7.1 percent from a year earlier to 1.09 trillion yuan (US$177 billion). The pace picked up to 7.2 percent in the second quarter from 7 percent in the first three months, according to the city’s statistics bureau.
The Consumer Price Index, the main gauge of inflation, rose 2.6 percent in the January-June period, well below the year’s upper target of 3.5 percent.
Meanwhile, employment was stable with 346,000 jobs being created in the first half, making the 2014 target of 500,000 new jobs attainable.
Yan Jun, chief economist at the Shanghai Statistics Bureau, said earlier that Shanghai’s growth is advancing at a stable rate, which helps various reforms and ultimately will lead to the optimization of growth quality.
Shanghai’s Party Secretary Han Zheng said last week that reforms will continue to be a priority for the city, with new breakthroughs in key areas destined to take place in coming months.
A series of policy innovations have been initiated in the China (Shanghai) Pilot Free Trade Zone since its launch last September.
Earlier this month, the zone released the latest version of its so-called negative list. More than 50 rules and restrictions were lifted in a bid to further increase investment transparency and reduce administrative red tape.
Yang said the city will accelerate the transition of government roles by adjusting the power of its officials.
He added the Shanghai Administration for Industry and Commerce, the Shanghai Bureau of Quality and Technical Supervision and the Shanghai Food and Drug Administration will become better integrated.
He also said the market will be allowed a bigger role in the restructuring of state-owned assets and a stricter supervision system will be established.
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