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Led by a surge in its industrial production, Shanghai’s gross domestic product posted a 7-percent growth in the first three quarters of 2017 — a pace last seen in 2015, when economy was boosted by stocks and property market.
The growth this year was largely the result of Shanghai’s efforts to develop the free trade zone and the center for technological innovation.Also, Shanghai persisted in improving quality and efficiency with innovation and put the supply side reforms into effect as well.
The manufacturing industry picked up in the 9-month period after a period of slump, while the industrial and services industries are developing in a more balanced way.
Value-added industrial output in Shanghai increased by 8.1 percent in the first three quarters from the same period last year. The city’s services output rose 6.6 percent, contributing 69 percent of the local GDP.
Shanghai is accelerating the development of the cross-border interbank payment system and clearing center for the yuan. Foreign institutions and companies are also issuing bonds in Shanghai’s financial markets.
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