Shanghai Sees 11.8 Percent GDP Growth in First Quarter

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Last updated at: (Beijing Time) Tuesday, April 15, 2003

Shanghai Sees 11.8 Percent GDP Growth in First Quarter

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Shanghai, the biggest industrial city in China, reported a year-on-year growth of 11.8 percent in gross domestic product (GDP) in the first quarter of this year, according to the latest official figures.

A spokesperson for the Shanghai Municipal Statistics Bureau said the GDP totaled 132.5 billion yuan (16.1 billion US dollars) during the first quarter.

The primary sector grew by 2.4 percent, while manufacturing posted an 18 percent growth rate and the growth rate for the tertiary sector was 6.2 percent.

The spokesperson attributed the economic growth to the expansion of investment, consumption, foreign trade and other sectors.

Shanghai generated 61.2 billion yuan (7.4 billion US dollars) in added industrial value in the quarter, up 19.3 percent year on year.

Investment in fixed assets grew by 25.9 percent over the same period last year to 36.45 billion yuan (4.4 billion US dollars).

The overall volume of retail sales in Shanghai rose 9.1 percentto 55.3 billion yuan (6.7 billion US dollars), while foreign tradewent up by 37 percent.

Insurance premiums rise sharply

China's financial hub, Shanghai, saw a sharp increase in insurance premiums in the first quarter ofthis year, a total increase of 9.58 billion yuan (1.2 billion US dollars), a year-on-year increase of about 41 percent, said insurance watchdogs.

The ratio of Chinese to foreign insurers' premium shares was about 91:9, and the ratio of property to life insurance was 15:85, according to the Shanghai office of the China Insurance Regulatory Commission.

The property insurance premium was 1.4 billion yuan (169 million US dollars) in the period, up 5.1 percent; and the life insurance premium was about 8.2 billion yuan (988 million US dollars), up 49.7 percent.

The office head said that Shanghai's insurance sector has evolved smoothly this year and that 52 Chinese and foreign insurance companies, as well as 46 representative offices of foreign insurers, are now operating in the city.

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