Asia > Eastern Asia > China > Shanghai's GDP up 6.8 percent in Q1

China: Shanghai's GDP up 6.8 percent in Q1

2017/06/20

 

SHANGHAI'S economy was off to a better-than-expected start with gross domestic product expanding 6.8 % from a year before to 692.28 billion yuan (US$100.39 billion) in the initial quarter, Shanghai Statistics Bureau said today.

The pace was 0.1 % point faster than the same period of last year but 0.1 % point slower than the national average.

"The city's economy grew steadily in the initial three months of this year, mainly fuelled by notable recovery in industrial output, robust domestic request inclunding improved export," said Ruan Qin, deputy director of Shanghai Development and Reform Commission.

Price-added industrial output, an significant economic indicator, rose 6 % to 179.99 billion yuan between January and March, reversing a 4.1 % decrease in the same period last year. Industrial production, meanwhile, climbed to 782.15 billion yuan during the three-month period, a year-on-year rise of 7.1 % which is the highest Q1 gain since 2012, the bureau's data showed.

The city's services output rose 7.5 % to 489.64 billion yuan in the initial quarter, contributing to 70.7 % of the local GDP. Financing and shipping industries both registered stable increase while emerging sectors inclunding data services and cultural and creative continued to grow at a faster pace.

Foreign trade in the initial quarter jumped 20.1 % from a year before to 751.13 billion yuan amid improving external and domestic request, reversing a 4.1 % drop in the same period last year. In particular, export increased 13.2 % and import surged 25.3 %, the bureau said.

Fixed-investment asset rose 10.5 % in the initial three months, 2.1 % points faster than same period a year ago. Investment in infrastructure jumped at a faster pace of 25.7 % while that in real estate development rose 8.6 %, 3.7 % points slower than same period a year before mainly due to government's tightening measures to rein in speculation.

The area of new residential properties sold, excluding government-funded affordable housing, dived 67 % in the initial quarter of this year while in the existing home market, the plunge was 72 %, the bureau said.

Shanghai's retail sales rose 7.8 % to 275.04 billion yuan in January to March, accelerating from a 7.1 % increase in same period last year.

The city's consumer inflation rose at a slower pace. The Consumer Price Index, a major gauge of inflation, climbed 2.2 % year on year in the three-month period, 0.8 % point slower from a year ago.

"Housing rents, health and medical services inclunding medicine inclunding food, tobacco and alcohol were the three major contributors to initial quarter's CPI increase," said Tang Huihao, chief economist at the bureau. "And the gap between the city's CPI and the national average as well narrowed to 0.8 % point in the initial quarter from 1.2 % points in 2016."

Cost of health and medical services climbed 8.7 %, housing rents rose 3.9 % and prices of food, tobacco and alcohol gained 0.7 %, jointly pushing up this quarter's CPI by 1.9 % points, according to the bureau.

Between January and March, the city created 167,000 new jobs and per capita disposable gain of urban and rural residents increased 8.4 % and 8.6 %, respectively.

By the end of March, 590 multinational companies had set up their regional headquarters in Shanghai and the number of overseas-funded R&D centers totaled 412 in the city.

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