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Shanghai's GDP jumps 15%
By Wang Yanlin |
April 28, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S economy surged 15 percent from a year earlier in the first quarter, the fastest rate for more than 15 years, thanks to blistering growth in manufacturing and last year's low comparative base.
The January-March gross domestic product in the city increased to 381 billion yuan (US$55.7 billion). The growth rate was the fastest since 1993, the year when Shanghai posted a 15.1-percent increase in GDP.
The Shanghai Statistics Bureau said today that the manufacturing sector climbed 26.3 percent year-on-year to 158 billion yuan, while the services sector grew 7.7 percent to 221.5 billion yuan. The agricultural sector contracted 0.6 percent to 1.5 billion yuan.
"The better-than-expected result shows a solid recovery in Shanghai - the growth momentum has been restored after the global financial crisis," said Li Maoyu, an analyst at Changjiang Securities Co.
"A robust industrial sector, especially the blistering growth in advanced manufacturing, demonstrated the government's efforts to revamp the economic structure and boost local demand."
The city's industrial output in six key industries - electronic information products, auto, refinery, fine steel, machinery equipment and biomedicine - soared 41.2 percent on an annual basis in the first three months, the bureau said.
Shanghai aims to restructure its once export-oriented economy to become more reliant on advanced manufacturing and powered more by the services sector.
However, some analysts said the city's future growth may slow down due to the reducing effect of low comparative bases and the uncertainty in the housing market.
The January-March gross domestic product in the city increased to 381 billion yuan (US$55.7 billion). The growth rate was the fastest since 1993, the year when Shanghai posted a 15.1-percent increase in GDP.
The Shanghai Statistics Bureau said today that the manufacturing sector climbed 26.3 percent year-on-year to 158 billion yuan, while the services sector grew 7.7 percent to 221.5 billion yuan. The agricultural sector contracted 0.6 percent to 1.5 billion yuan.
"The better-than-expected result shows a solid recovery in Shanghai - the growth momentum has been restored after the global financial crisis," said Li Maoyu, an analyst at Changjiang Securities Co.
"A robust industrial sector, especially the blistering growth in advanced manufacturing, demonstrated the government's efforts to revamp the economic structure and boost local demand."
The city's industrial output in six key industries - electronic information products, auto, refinery, fine steel, machinery equipment and biomedicine - soared 41.2 percent on an annual basis in the first three months, the bureau said.
Shanghai aims to restructure its once export-oriented economy to become more reliant on advanced manufacturing and powered more by the services sector.
However, some analysts said the city's future growth may slow down due to the reducing effect of low comparative bases and the uncertainty in the housing market.
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