Service Industry Takes Lead in Shanghai EconomyLatest Statistics here show that the service industry in Shanghai generated 50.7 percent of the city's total Gross Domestic Product (GDP) during the first nine months of this year, for the first time in history exceeding the total of the agricultural and industrial sectors.This statistic shows that the service industry has continued developing steadily and rapidly. The service industry accounted for 49.6 percent of the total GDP last year. From January to September, the service industry reported added value of about 162.4 billion yuan, up 12.7 percent on the corresponding period last year. With the development in the finance and securities market, transportation and communications service, the service industry in Shanghai has maintained strong momentum during the past five years. Since 1978, the proportion of the service industry in the entire economy of Shanghai has averaged a rise of over one percentage point per year. The service industry in 1978 only accounted for 18.6 percent for the total GDP while in 1999, the proportion was nearly 50 percent. |
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