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Shanghai reduces dependence on real estate

(People's Daily Online)

16:20, February 20, 2013

Edited and translated by Liang Jun, People's Daily Online

Over the past five years, Shanghai's economic development became less dependent on real estate industry, heavy-chemical industry and labor-intensive industry, according to People's Daily on Wednesday.

The ratio of the increased value of real estate to the city's GDP stood at 6.7 percent in 2008, rose to 8.2 percent in 2009 and declined to 5.8 percent in 2012, insiders of Shanghai Housing Authority revealed.

Real estate industry's contribution to Shanghai's GDP also decreased from 20.4 percent in 2009 to 3.3 percent in 2012.

Sales of commercial housing in 2008 stood at around 23 million square meters and increased to almost 34 million square meters in 2009. But the figure dropped to some 18 million square meters in 2011 and about 19 million square meters in 2012 after Shanghai implemented strict market regulation of real estate in 2010.

The proportion of Shanghais' tertiary industry witnessed an increase and accounted for 60 percent of the city's GDP in 2012, according to Yan Jun, chief economist of Shanghai Statistics Bureau.

At the same time, the ratio of real estate industry in the tertiary industry dropped from 10.2 percent in 2010 to 9 percent in 2012.

Yan said Shanghai's tertiary industry was toward balanced comprehensive development, which means Shanghai has made breakthrough in economic transformation.

Read the Chinese version: 上海大幅减弱房地产依赖
Source: People's Daily; Author: Sun Xiaojing

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