The story appears on

Page A2

January 21, 2016

GET this page in PDF

Free for subscribers

View shopping cart

Related News

Home » Business » Economy

Shanghai’s economic growth accelerates

SHANGHAI’S economy grew 6.9 percent last year, the same as nationally, accelerating from its 6.8 percent growth in the first three quarters, Shanghai Statistics Bureau said yesterday.

The city’s economic output amounted to 2.49 trillion yuan (US$377.7 billion) in 2015, with the service sector producing 67.8 percent of total output, compared with 2014’s 64.8 percent.

“Shanghai delivered a stable economic performance last year with better growth quality,” said the bureau’s chief economist Tang Huihao. “The economic structure has been optimized as the service sector has been playing the role of a major driver.”

Growth was led by the service sector, which grew 10.6 percent to 1.69 trillion yuan last year. The output of finance, part of the service sector, jumped 22.9 percent to 405.2 billion yuan during the period thanks to a booming stock market in the first six months.

The manufacturing sector edged up just 1.2 percent to 794 billion yuan, while the agricultural sector lost 13.2 percent to 10.9 billion yuan, the statistics bureau said.

“Shanghai is under deepening industrial restructuring,” Tang said. “The city’s manufacturing sector has seen certain growth moderation ... but it should be temporary as advanced manufacturing remains a strategic part of Shanghai’s economic growth.”

The bureau’s data showed that industrial production contracted 0.8 percent last year, reversing the previous year’s 1.6 percent increase. The output of six key industries — refinery, biomedicine, machinery, information technology, steel and automobiles — fell 0.2 percent due to weak market demand.

“The authorities in Shanghai have paid close attention to the changes, and may roll out related policies to address the difficulties that manufacturers are facing,” Tang said.

On other fronts, fixed-asset investment in Shanghai gained 5.6 percent, weakening from the growth of 6.5 percent in 2014. Retail sales added 8.1 percent, also down from the pace of 8.7 percent a year earlier.

In 2015, investment in the city’s property sector grew 8.2 percent, compared to the rise of 13.7 percent in 2014.

However, house sales surged 16.6 percent, with new home prices adding 3.5 percent on an annual basis and costs of existing homes up 4 percent, according to the bureau.

The Consumer Price Index, the main gauge of inflation, increased 2.4 percent last year, 0.3 percentage points lower than the figure for 2014.

Shanghai created 596,600 new jobs last year, with city residents earning an average 49,867 yuan, up 8.5 percent on an annual basis. The number of unemployed was 248,100, down 8,200 from a year earlier.

Exports lost 5.3 percent to 1.2 trillion yuan in 2015, while imports grew 0.5 percent to 1.6 trillion yuan, making the city’s total trade 2.8 trillion yuan.

Foreign direct investment rose 1.6 percent to US$18.4 billion while contracted foreign direct investment surged 86.5 percent to US$58.9 billion due to new policies in the pilot free trade zone.

Shanghai’s fiscal income expanded 13.3 percent in 2015 to 551.9 billion yuan, while its public expenditure grew 19.5 percent to 619.1 billion yuan.

Tang said the city’s economic growth may be between 6.5 percent and 7 percent this year. Shanghai is aiming for between 6 percent and 7 percent annual growth in the city’s draft 13th Five-Year (2016-2020) Plan.


Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend