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Shanghai’s GDP growth most stable last year
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Shanghai’s economic growth last year was the most stable in recent years as economic restructuring gathered pace, the Shanghai Statistics Bureau said in a report yesterday.
Shanghai’s gross domestic product grew 7.7 percent — the same as the national growth — from a year earlier to 2.16 trillion yuan (US$351 billion) in 2013, faster than its pace of 7.5 percent in 2012.
“Shanghai was among the first in China to show signs of recovery in the aftermath of the global financial crisis,” the report said. “The process of economic restructuring did not slow in the city. Shanghai actively upgraded various industries to guarantee sustainable growth in the future.”
During the first quarter of last year, Shanghai’s economy expanded 7.8 percent followed by 7.6 percent in the second quarter, 7.8 percent in the third quarter, and 7.6 percent in the final three months. It was the most stable economic expansion because the range of the growth movement was within 0.2 percentage points.
Shanghai’s economy “has entered a new phase that features slower growth but faster upgrading,” the report said.
Shanghai’s per capita GDP reached 90,100 yuan while the nation’s average was 66,199 yuan, the report said.
Last year, the service sector’s output in Shanghai expanded 8.8 percent to 1.34 trillion yuan, or 62.2 percent of the total GDP.
Shanghai’s Consumer Price Index rose 2.3 percent annually, 0.3 percentage points below the national average.
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