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Shanghai's economy expands 6.9 percent in 2015
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SHANGHAI'S economy expanded 6.9 percent from a year earlier in 2015, accelerating from its increase of 6.8 percent in the first three quarters and being the same as the national pace, the Shanghai Statistics Bureau said today.
The economic output in the city amounted to 2.49 trillion yuan (US$377.7 billion) last year, with the service sector producing 67.8 percent of the total output, compared with last year's 64.8 percent.
"Shanghai has delivered a stable economic performance last year with better growth quality," said Tang Huihao, chief economist at the bureau. "The economic structure has been optimized as the service sector has been playing the role of a major driver."
The data showed the 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 half of the year.
In comparison, the manufacturing sector only edged up 1.2 percent to 794 billion yuan in 2015, while the agricultural sector lost 13.2 percent to 10.9 billion yuan.
"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 for Shanghai's economic growth."
The data showed industrial production contracted 0.8 percent last year, reversing an increase of 1.6 percent a year earlier. The output of six key industries, namely, refinery, biomedicine, machinery equipment, information technology, fine steel and automobile, decreased 0.2 percent as a result of weak market demand.
"The authorities in Shanghai has paid close attention to the changes, and may roll out related policies to address the difficulties that manufacturers are facing," Tang said.
In other fronts, fixed-asset investment in Shanghai gained 5.6 percent, weakening from the expansion of 6.5 percent in 2014. Retail sales added 8.1 percent, also down from the pace of 8.7 percent a year earlier.
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