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Shanghai's Economy Up 10 Percent in May
China's economic powerhouse Shanghai posted a 10.7 percent economic growth in May, according to latest figures released by the municipal statistics bureau.
The figure is a little higher than April's 10.4 percent.
The city's gross domestic product (GDP) totaled 39.75 billion yuan in May.
Analysts said the development of secondary and services industries played a vital role in the steady growth of Shanghai's economy in May.
The city's manufacturing sector reported a growth of 9.6 percent, while the growth rate of the services industry picked up from April's 6 percent to 12.2 percent.
Expansion in investment and consumption is a key factor behind economic growth. The city's fixed assets investment surged 15.2 percent, compared with the negative 17.2 percent growth in the same month of last year.
Its retail sales rose 11.6 percent in May to 15.6 billion yuan.
Despite the high growth of the economy as a whole, Shanghai's export is slowing down due to changes in the global economy. Its export recorded only a single-digit rise in May, with exports to major markets Japan and the U.S. both slowing down.
Shanghai, however, remains attractive to foreign capital. The number of foreign direct investment projects approved in May is 242, and the contract sum reached 571 million U.S. dollars, increasing 57.1 percent and 44.7 percent year on year, respectively.
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