Shanghai GDP expands 7.2% in Q2
Print Edition
SHANGHAI’S gross domestic product expanded 7.2 percent from a year earlier in the second quarter, picking up from the pace of 7 percent in the first three months of this year and indicating further economic stabilization, the Shanghai Statistics Bureau said yesterday.
The economic output amounted to 1.09 trillion yuan (US$176 billion) in the first half, up 7.1 percent on an annual basis. The city’s rate continued to trail the nation’s 7.4 percent growth in the January-June period.
“Shanghai’s growth has been advancing amid stabilization,” said Yan Jun, the bureau’s chief economist. “The growth has been achieved amid faster industrial restructuring and various reforms to optimize the growth quality, which paves the way for the city’s future development.”
In the first half, output of the city’s service sector grew 7.8 percent, accounting for 62.7 percent of the total economic output and serving as a driving force for the growth, while manufacturing gained 6 percent and agriculture added 3 percent.
The Consumer Price Index, the main gauge of inflation, rose 2.6 percent in the January-June period, well below the upper limit of 3.5 percent for this year.
Industrial production increased 6.3 percent to 356.1 billion yuan in the first half, 1.5 percentage points faster than a year earlier. In key industries, automobile reported a surge of 14.3 percent in production and that of biomedicine jumped 11.1 percent.
Shanghai’s trade expanded 8.2 percent to US$223.7 billion during the period, with exports rising 3.7 percent and imports gaining 12.2 percent. The trade growth was much faster than the national average of 1.2 percent thanks in part to the trials in the city’s pilot free trade zone, Yan said.
At the same time, foreign direct investment surged 10.9 percent to US$9.2 billion with major projects like the Disneyland, making it much stronger than the national increase of 2.2 percent. It was led by foreign funds flowing into the city’s service sector, which rocketed 28.9 percent to US$8.1 billion in the first half.
“Shanghai’s foreign investment has come from more diversified sources, including the traditional ones like the United States and Europe, and new investors from Asia and other countries, which underscores the fact that a wide range of people have confidence in Shanghai’s growth prospects,” Yan said.
Retail sales accelerated 7.6 percent to 418.4 billion yuan in the first six months, while fixed-asset investment grew 3.8 percent to 240.3 billion yuan — both a bit slower from a year ago due to high comparative bases and the city’s restructuring efforts. Online shops sold products worth 37 billion yuan during the period, up 31.8 percent from a year earlier.
In the first half, fiscal income rose 16.5 percent to 273.1 billion yuan, while fiscal spending upped 13 percent to 227.8 billion yuan, the bureau said.
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