Shanghai’s 5-year plan puts growth at 6-7%
Print Edition
SHANGHAI eyes between 6 and 7 percent annual economic growth in the next five years, according to the city’s draft 13th Five-Year (2016-2020) Plan.
The plan was released at a plenum of the Party’s local committee yesterday.
“Shanghai’s economic growth should be of better quality, structure and efficiency, while keeping pace with the nation’s growth,” Mayor Yang Xiong told the plenum. The draft will be reviewed at the Shanghai People’s Congress next year.
The best annual growth rate for the next five years will be “around 6.5 percent,” which will double the city’s gross domestic product and people’s income in 2020 from 2010, according to the draft.
The draft also proposed a reasonable size for advanced manufacturing in Shanghai’s economy. The city should maintain the sector at about a quarter of the economy, and move the industries upward in the value chain.
Currently, the manufacturing sector accounts for 30 percent of the entire economy.
“There are many challenges ahead for Shanghai to realize the goal of completing the construction of a global socialist modern metropolitan by 2020, and the next five years will be a deciding period,” Yang said.
Issues including care for the elderly, job creation, energy consumption and the rise of people’s income will be high on the agenda of the government in the next five years, Yang said.
Shanghai is aiming to become a global center for economy, finance, trading and shipping by 2020. The city enjoyed stable growth this year. In the first three quarters, the gross domestic product expanded 6.8 percent, compared with the national level of 6.9 percent.
The economic structure improved. In the first three quarters, the service-sector output gained 11.1 percent to 1.2 trillion yuan (US$185 billion), or 67.6 percent of the total. It rose from 67.1 percent in the first half and 64.8 percent in the same period of last year.
According to the Shanghai Statistics Bureau, retail sales grew 8.1 percent year on year in the first 11 months to 917.9 billion yuan, faster than 8 percent in the January-October period, led by the online shopping spree on November 11, or the Singles Day.
Fixed-asset investment gained 4.6 percent to 547 billion yuan in the first 11 months, decelerating from 5.7 percent in the first 10 months due to less investment in manufacturing, which slumped 16.5 percent in the year to November.
Capital flowing into the property sector rose 8 percent in the first 11 months, also slowing from the gain of 8.9 percent in the first 10 months.
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