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Shanghai’s economy well: mayor
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Shanghai’s economic recovery is proceeding well this year as the city takes advantage of an improved economic structure, Mayor Yang Xiong told the city’s lawmakers yesterday.
The city’s economy started to become stable in the second half of last year, further improved in 2013 and is now better than expected, Yang told a gathering of the Shanghai People’s Congress.
Shanghai’s gross domestic product grew 7.7 percent in the first three quarters, with the output reaching 1.55 trillion yuan (US$255 billion), earlier official data showed. The pace was the same as the national growth.
The service industry, contributing 9.1 percent in output during the period, led the city’s growth while the manufacturing sector rose 5.7 percent. Agriculture, however, lost 0.1 percent.
The municipal government will continue deepening reforms and improving economic structure next year to benefit the public and stimulate market forces in the economy, Yang said.
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