Cities are steadily recovering despite the global environment

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Shanghai’s economic performance showed resilience, with GDP growth of 6% in the first three quarters of 2023.

According to the Shanghai Bureau of Statistics and the National Bureau of Statistics Shanghai Research Institute, the city’s regional GDP reached 3.302 trillion yuan (451.278 billion U.S. dollars) from January to September. This represents 6% year-over-year growth at comparable prices.

Despite the complex international environment, the city has shown steady recovery and improvement in various areas.

The bureau said a focus on promoting high-quality development, technological innovation and industrial sophistication will foster growth and position Shanghai to achieve its economic and social development goals for the year.

All sectors saw strong performance. The added value of the primary industry increased by 2.1%, reaching 5.642 billion yuan, and the secondary industry increased by 4.2%, with the total output reaching 795.357 billion yuan.

The tertiary industry sector outperformed other sectors, with added value reaching 2.501 trillion yuan, an astonishing increase of 6.6%.

Regarding industry, industrial production in the city has shown signs of recovery throughout the year, with the value-added industrial production of enterprises above designated size increasing by 3% from the previous year.

In particular, the production growth rates of new products such as semiconductor storage disks, new energy vehicles, and 3D printing equipment were astounding 120%, 42.7%, and 29.4%, respectively.

The service industry is also steadily progressing, with significant growth in various fields.

The added value of the accommodation and restaurant industry exceeded 30.88 billion yuan, an increase of 28.7% over the previous year.

Additionally, transportation, warehousing and postal services recorded a 12% increase, while leasing and business services achieved growth of 11.9%. Information transmission, software and information technology services also increased by 11.7% to 303.516 billion yuan.

Fixed asset investment also plays an important role in Shanghai’s economic growth, jumping 25% in the first nine months. In major sectors, investment in the industrial sector increased by 14%, real estate development investment increased by 25.3%, and urban infrastructure investment increased by 15.2%.

Looking at market consumption, the total retail sales of consumer goods in the city reached 1.378 trillion yuan, showing a significant growth of 16.1% over the previous year.

Specifically, lodging and catering industry sales grew by an impressive 39.6%, indicating a strong recovery in the sector. It is also worth noting that retail sales of clothing, footwear and textile products increased by 24.9% year-on-year.

According to the bureau, despite the challenges posed by the international environment, Shanghai’s financial operations are stable and market trading volumes are increasing.

The average year-on-year growth rates of monthly deposits and loan balances of domestic financial institutions and foreign financial institutions reached 7.3% and 7.8%, respectively. The city’s major financial market transaction value from January to September was 2.546 trillion yuan, an increase of 15% from the same period last year.

In terms of international trade, the city’s import and export of goods maintained steady growth, amounting to about 3,167 billion yuan in the first three quarters, an increase of 2.7% over the previous year. In particular, exports of electric passenger cars, lithium batteries, and solar cells surged by 91.8%, 66%, and 21.7%, respectively, compared to the same period last year.

On the other hand, regarding the labor market, employment has stabilized and residents’ incomes have steadily increased.

The average urban unemployment rate surveyed in the first three quarters was 4.7%, down 0.1 percentage point from the first half of this year. Disposable income per capita for urban residents increased by 7.1% year-on-year; for urban residents it increased by 7%, and for rural residents it increased by 8.3%.



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