Shanghai — a star performer in economic growth
Print Edition
SHANGHAI’S economy has grown at a faster pace in the past year, with a substantially larger contribution from the real economy, and the growth has been more stable, coordinated and balanced:
Shanghai’s gross domestic product expanded 6.9 percent year on year to reach 3.01 trillion yuan (US$480 billion) in 2017. That is better than the 6.5-percent preliminary target set at the beginning of last year and made Shanghai the first city in China to deliver a GDP of more than 3 trillion yuan.
The proportions of the city’s agriculture, manufacturing and services sectors were 0.3 percent, 30.7 percent and 69 percent respectively in the overall economy.
The manufacturing sector was much better than expectation. The added value of industrial production increased 6.4 percent, the fastest since 2012; the output of six pillar industries grew 9 percent, among which automobile and information technology jumped 19.1 percent and 7.6 percent respectively.
The strategic emerging industries rose 5.7 percent, up 4.2 percentage points from a year earlier and accounting for 30.8 percent in the overall industrial production of the city.
The services sector has seen an improved structure amid stable growth. Output of Shanghai’s services sector advanced 7.5 percent in 2017, among which finance and IT jumped 11.8 percent and 18.9 percent respectively. The services sector extended a growth with faster pace in production-related parts that have closer interaction with the real economy.
Recovery was seen in both domestic and overseas demand. Shanghai’s investment has seen generally stable growth. Fixed-asset investment added 7.3 percent year on year to reach 724.66 billion yuan in 2017; the city’s investment in infrastructure rose 9.9 percent, bolstered by projects in transport and urban construction; while investment growth in real estate development slowed to 4 percent. Private investment also maintained a relatively fast rise of 13.5 percent to contribute 37.5 percent to the overall investment basket.
Consumption growth accelerated. Driven by a recovery in demand and a rebound in prices, the city’s merchandise sales increased 12 percent to 11.3 trillion yuan last year. Retail sales rose 8.1 percent to 1.2 trillion yuan, and that of e-commerce surged 21 percent while online retail sales were lifted by 9.6 percent, accounting for 12.2 percent of total retail sales and representing the fast development of new business models.
Shanghai’s trade of commodities grew 12.5 percent to 3.2 trillion yuan, among which imports jumped 15.4 percent and exports 8.4 percent. Exports have seen more added value as shipments of high-tech products grew 9.2 percent, or 43.4 percent of the city’s total exports.
Shanghai created more than 579,000 jobs in 2017, while there were 220,600 registered unemployed people, 22,000 fewer than that at the end of last year to make the unemployment rate stabilize at 3.9 percent. The Consumer Price Index, the main gauge of inflation, increased 1.7 percent in 2017, down 1.5 percentage points compared with a year earlier.
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