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Shanghai's GDP grows 7.7% in first 3 quarters, equaling national average
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SHANGHAI'S gross domestic product expanded 7.7 percent from a year earlier in the first three quarters, matching the growth in the first half, the Shanghai Statistics Bureau said this morning.
The pace was also the same as the national average of 7.7 percent in the first nine months.
The service industry, whose output rose 9.1 percent during the period, led the city's economic growth, while its manufacturing sector gained 5.7 percent and agricultural sector lost 0.1 percent.
Within the service industry, the output of the financial sector jumped 14 percent, followed by real estate, which gained 13.3 percent and IT services, which added 12.5 percent.
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.
Shanghai is targeting an economic growth rate of 7.5 percent this year, hoping to accelerate industrial restructuring, further raise people's income and enhance efforts to combat pollution, Shanghai Mayor Yang Xiong said earlier, stressing a further shift to "growth quality."
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