Service sector leads Shanghai's GDP surge
Print Edition
Shanghai's gross domestic product expanded 7.8 percent from a year earlier in the third quarter, up from the 7.6 percent increase in the second quarter and securing a stable economic performance.
In the first three quarters, Shanghai's economy rose 7.7 percent with the output reaching 1.55 trillion yuan (US$252 billion), the Shanghai Statistics Bureau said yesterday.
The pace was the same as the national average.
The service industry, with 9.1 percent output during the period, led the city's growth, while the manufacturing sector gained 5.7 percent. Agriculture lost 0.1 percent.
"Shanghai's economic performance is stable thanks to its comparatively balanced economic structure," said Li Maoyu, an analyst at Changjiang Securities Co. "As a result, the city is more applicable to reforms and various trials."
That may explain why Shanghai has been chosen to be the destination for quite a few high-profile reforms, including last year's VAT project and China's first pilot free trade zone program, which was launched last month.
Xue Jun, an analyst at CITIC Securities Co, said Shanghai is on course to achieve this year's growth target of 7.5 percent.
"Shanghai has mapped out a clear blueprint to construct a service-led economy with strength in finance, trade and shipping," Xue said. "The city has been moving directly and rapidly toward that target."
Under the service sector, the output of Shanghai's financial industry jumped 14 percent in the first three quarters, followed by real estate which gained 13.3 percent and information technology services which added 12.5 percent.
Shanghai's exports rose 2.7 percent in September, bucking the national trend of a 0.3 percent decline.
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 Jun, chief economist at the bureau, said earlier that Shanghai's economy would maintain a stable growth momentum this year.
The city would stick to the principle of pursuing advancement amid stability, Yan said
Shanghai will accelerate industrial restructuring, raise people's income and enhance efforts on combating pollution, Mayor Yang said earlier, stressing a further shift to "growth quality."
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