Latest News:  


Moderate growth to revitalize Shanghai

By He Wei (China Daily)

08:25, March 07, 2013

A moderate economic growth rate will help Shanghai adjust its economic structure, enhance production efficiency and ensure a stable employment rate, the city's mayor said on Wednesday.

Shanghai's slowing gross domestic product growth rate reflects an ongoing shift to make the service sector a defining priority, a strategy which has started to pay dividends, Yang Xiong, mayor of Shanghai and an NPC deputy, said during the first session of the 12th National People's Congress.

"The easing of Shanghai's economic output, which grew 7.5 percent in 2012, suggested the dwindling role GDP has played in evaluating the health of the economy," Yang said, adding that the city aims to maintain this growth rate in 2013.

Meanwhile, GDP composition has been greatly optimized, he noted. Shanghai's service sector, including tourism, finance and telecommunications, expanded to 1.2 trillion yuan ($192.8 billion) in 2012, up 10.6 percent year-on-year.

The figure has, for the first time, accounted for more than 60 percent of Shanghai's total economic output, reflecting the increasing pace of its transformation into a value-added service-oriented economy.

The city has undergone profound changes following the call to build it into an international financial center by 2020, which has encouraged industrial companies to move to nearby cities and even interior regions due to economic and environmental concerns.

Shanghai's concerted efforts in economic restructuring have made it an example for the rest of China in terms of economic rebalancing, said He Wenbo, general manager of Baoshan Iron and Steel Co.

The country's leading steelmaker will move 30 percent of its capacity out of Shanghai in the coming five years, as manufacturing plays a diminishing role in the city's economy, said He, a national legislator from Shanghai.

Ge Junjie, vice-president of Bright Food Group Co and an NPC deputy, said continued policy support and technical upgrading are essential for the city's traditional industries.

"The majority of multinational corporations that succeeded in the Chinese market are from traditional sectors. A robust real economy can effectively safeguard us from financial turbulence amid uncertain economic conditions," Ge said.

We recommend:

Tmall to sell imported milk powder online

China's jumbo jet C919 expected to fly

More loans extended to support agriculture

Direct trade in RMB increases in Thailand

Online advertising surges to $11.7 billion

China seeks economic transformation

Email|Print|Comments(Editor:LiangJun、Li Zhenyu)

Related Reading

Leave your comment0 comments

  1. Name


Selections for you

  1. Afghan national army holds military exercise

  2. Ship-borne helicopters taking off and landing

  3. Venezuelan President Hugo Chavez dies

  4. A little man’s struggle for job

  5. Art schools exams in Chinese style

  6. Foxes seek food from oil workers in NE China

  7. Chinese and overseas arts serve and return

  8. Old Shanghai posters in the Minguo period

  9. China's richest man sets his sights on foreign projects

  10. Qihoo 360 accused of stealing user info

Most Popular


  1. Life of the never-touch-a-pan generation
  2. Chinese films ought to tell Chinese stories
  3. Lei Feng spirit never out of date
  4. Call to relax adoption criteria
  5. China has its own Golden Raspberry Awards
  6. Chinese tourists reflect nation's character
  7. Spoiled brats spring from pampering parents
  8. A smile can succeed where a scowl fails
  9. Reducing income inequality an urgent task
  10. Why media turns attention to 'two sessions'

What’s happening in China

Missing baby killed in Changchun | Photos: Local residents mourn for killed baby

  1. Beijing female prison eradicates illiteracy
  2. Couples rush to divorce as house sales tax looms
  3. Veterans can't be forgotten: delegates
  4. Sex-tape officials remain under investigation
  5. Students recommend ren as message to the world