Home / Business / News Tools: Save | Print | E-mail | Most Read | Comment
'Stable' city economy bounces back
Adjust font size:

Shanghai's economy expanded 5.6 percent on an annual basis in the first half, up 2.5 percentage points compared with the rate in the first quarter, the Shanghai Statistics Bureau said yesterday.

The better-than-expected growth was mainly bolstered by a quick advance in the service industry, particularly the financial sector, thanks to the good performance of the city's stock market and growing businesses in banking, said Cai Xuchu, chief economist at the bureau.

"The city's economy has stabilized and presents signs of rebounding," Cai said.

"The performance in the first half is better than our expectations. However, it will be hard to achieve the government's goal of a 9 percent growth rate for the whole year."

Shanghai's gross domestic product gained 5.6 percent to 661.2 billion yuan (US$96.8 billion) from a year earlier in the first six months. The rate accelerated from the growth of 3.1 percent in the first quarter - the slowest pace since 1992 - and compared with 9.7 percent last year.

The value of Shanghai's service industry jumped 14.2 percent year on year to 381.7 billion yuan, while the agriculture and manufacturing sectors fell 0.5 percent and 3.6 percent respectively to 3.4 billion yuan and 276.1 billion yuan.

The output of the city's financial sector swelled 27.2 percent to 84.9 billion yuan after transactions at the Shanghai Stock Exchange rose 28.2 percent to 14.6 trillion yuan by June.

The benchmark Shanghai Composite Index rocketed 62.5 percent from a year earlier to close at 2,959.36 on June 30.

Meanwhile, outstanding loans in the city grew 19.4 percent to 2.8 trillion yuan, and deposits advanced 25.5 percent to 4.1 trillion yuan.

1   2    


Tools: Save | Print | E-mail | Most Read Bookmark and Share
Comment
Pet Name
Anonymous
China Archives
Related >>
June 7 Tokyo 2nd China-Japan High-Level Economic Dialogu

June 30 Shanghai 2009 Automotive Engine Technology Seminar

September 8-12 Xiamen China Int'l Fair for Investment and Trade
- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?