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Shanghai saw a "better-than-expected" 6.7 percent economic growth year on year in the first half, driven by the fast developing services sector, the city's statistics bureau said yesterday.
The pace was on par with national growth during the same period and Shanghai's expansion in the first quarter. The economic indicators showed that the city's economy has been better than expected with structural improvement, said Tang Huihao, chief economist at the Shanghai Statistics Bureau.
The added value in the city's services sector rose 11.6 percent to 917.57 billion yuan (US$137 billion), accounting for 70.8 percent of the city's gross domestic product in the first six months. Its growth also offset a 15.3 percent decline of added value in the agricultural sector and a 3.3 percent fall in manufacturing.
Industrial production fell 4.4 percent to 1.43 trillion yuan in the first half, reversing the 0.1 percent growth a year earlier, figures showed. But production in strategic new industries, such as new energy and the biological sector, rose 0.7 percent to 385.38 billion yuan.
Retail sales rose 7.7 percent to 4.86 trillion yuan, faster than the 5.9 percent growth in the first half of last year.Online sales totaled 60 billion yuan, up 17.8 percent from a year ago.
Other data showed that consumer inflation rose to 3.1 percent in the first half from last year's 2.4 percent, driven by prices of food and services. Shanghai has not set an official GDP target for the year, instead prioritizing boosting innovation, keeping unemployment below 4.5 percent, and investing 3 percent of GDP in green projects.
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