Shanghai GDP up by 6 percent in 2019

Source:Global Times Published: 2020/1/21 23:59:59

A light show at Lujiazui area in Pudong District of east China's Shanghai, Sept. 26, 2019. (Xinhua/Ren Long)

Shanghai achieved a 6 percent rise in GDP in 2019, the Shanghai Municipal Statistics Bureau announced at a press conference on Tuesday. 

In 2019, Shanghai’s GDP grew by 6 percent, with the city’s GDP reaching 3.82 trillion yuan ($553.8 billion), among which the added value of the services sector accounted for 72.7 percent, an increase of 1.8 percentage points from 2018. 

Shanghai’s foreign trade grew slightly in 2019 with the total volume of imports and exports of goods to and from the city reaching 3.4 trillion yuan, up 0.1 percent year-on-year. 

Foreign investment into Shanghai increased in 2019, with 6,800 foreign direct investment contracts signed, an increase of 21.5 percent from 2018. The contract value of foreign direct investment amounted to $50.25 billion, up 7.1 percent. 

Foreign investment in Shanghai from the US, Japan and Singapore grew fast. In 2019, the contract value of direct investment from the US amounted to $3 billion, 1.3 times the amount of the previous year. The contract value of direct investment from Japan and Singapore increased by 39.2 percent and 61.9 percent, respectively. 

In 2019, the Association of Southeast Asian Nations (ASEAN) surpassed the US as Shanghai’s second-largest trading partner. The municipality’s biggest trading partner remains the European Union.

Since the Belt and Road Initiative (BRI) was put forward, the trade scale between the municipality and countries involved in the BRI has been expanding continuously. From January to November 2019, imports and exports of goods to and from the BRI countries and regions increased by 7.2 percent from the same period in 2018. 

Shanghai’s first-store economy continues to lead the country. In 2019, nearly 1,000 brands launched their first store in Shanghai. 

In 2019, investment in the city’s manufacturing industry, led by a number of major projects such as new-energy vehicles and electronic information, increased by 21.1 percent from the previous year. Investment in the six key industrial industries grew by 24.2 percent, with investment growing by 79 percent in the biomedical manufacturing industry, by 48.5 percent in the vehicle manufacturing industry, and by 36.6 percent in petrochemical and fine chemical manufacturing. 

Shanghai residents’ disposable income per capita reached 69,442 yuan in 2019, up 8.2 percent from 2018. 

The employment rate remained stable in 2019 with 589,100 new jobs added, an increase of 7,400 jobs from 2018. As of the end of December of 2019, 193,400 urban residents registered as unemployed, a drop of 700 from the previous year. 

Global Times

Posted in: ECONOMY

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