Services deepen in Shanghai鈥檚 economy
Print Edition
SHANGHAI’S economy grew at a stable pace of 7 percent in the first three quarters, the Shanghai Statistics Bureau said yesterday, with services expanding faster than manufacturing.
The city’s gross domestic product grew 7.1 percent in the first half and 7 percent in the first three months of this year. The growth was below the national gain of 7.4 percent in the same period, analysts said.
In the year up to the end of September, the city’s GDP generated 1.66 trillion yuan (US$271 billion). The service sector surged 8.5 percent to 1.04 trillion yuan, and manufacturing added 4.6 percent to 610 billion yuan, indicating the depth of services in Shanghai’s economic transformation.
In the first three quarters, Shanghai’s industrial output grew 2.6 percent from a year earlier, retail sales gained 8.5 percent, and fixed-asset investment rose 4.3 percent. Investment in the property sector still rose 8.2 percent despite a correction.
Foreign direct investment in Shanghai surged 44.6 percent to US$2.7 billion last month, a record by both growth and volume for this year.
In the first three quarters, Shanghai attracted US$15.2 billion in foreign investment, up 12.9 percent year on year.
“Foreign investment has played a key role in accelerating the city’s economic growth and restructuring,” said Xue Jun, an analyst at CITIC Securities Co.
Foreign investment in the city’s service sector jumped 132 percent in September to US$2.5 billion, while that in manufacturing rose 20.5 percent to US$284 million, the bureau said.
“We can see a clear trend that investment flows more into the service sector as the city aims to grow into a global financial and shipping center,” Xue said.
Shanghai’s pilot free trade zone has seen 1,677 foreign-funded companies set up, accounting for nearly half of those citywide, as of the middle of September.
Shanghai’s trade rose 2.1 percent year on year to US$40.7 billion last month, with exports falling 5.1 percent and imports adding 8.2 percent.
The Consumer Price Index rose 2.7 percent in September, up from 2.6 percent in August.
The Producer Price Index dipped 0.8 percent last month, compared with a 0.1 percent decline in August.
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