Shanghai’s economy expands 7% in H1
Print Edition
Shanghai’s gross domestic product growth accelerated slightly to 7 percent in the first half of this year from 6.6 percent in the first quarter, the Shanghai Statistics Bureau said yesterday.
The pace also caught up with the national level for the first time in seven years, the bureau said but it did not give the exact growth figure for the second quarter. Market sources estimated it must have been above the nation’s 7 percent average.
The city produced an economic output of 1.18 trillion yuan (US$190 billion) in the first six months, with the service sector surging 10.2 percent and producing 67.1 percent of the total output, compared with 67 percent in the first quarter and 64.8 percent last year.
“Shanghai has seen signs of a solid rebound and an economic growth with better structure and higher quality,” said Tang Huihao, chief economist at the bureau.
The output from the city’s finance sector jumped 30.1 percent in the January-June period. The manufacturing sector’s output rose 1.9 percent during the period, compared with 1.6 percent in the first three months, while the agriculture sector declined 8.1 percent.
“Shanghai is likely experiencing a transition after deepening economic restructuring,” said Lian Ping, chief economist at the Bank of Communications. “People are more confident about the future due to various reforms taking place, especially milestone financial reforms in the pilot free trade zone and plans to build the city into a global center of science and innovation.”
Shanghai’s retail sales rose 8.2 percent in the first half, up from 7.8 percent in the first quarter, the bureau said.
Fixed-asset investment gained 8.4 percent during the period, 5.2 percentage points faster than that in the first three months.
Capital flowing into the property sector and investment in urban infrastructure construction both added 15.8 percent.
Shanghai’s trade shrank 3.4 percent to 1.32 trillion yuan in the first half, compared with a 1.6 percent drop in the first quarter, as exports and imports deteriorated.
Foreign direct investment fell 7.1 percent during the period. But market sources said the investment was set to increase as contracted investment surged by 1.3 times.
The Consumer Price Index, a main gauge of inflation, rose 2.4 percent year on year, compared with a rise of 2.3 percent in the January-March period.
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