Shanghai’s GDP up 10.3%

The Shanghai Government’s conference held yesterday announced that the city’s GDP rose 10.3 percent year on year, the first time down from the national level in recent years. Experts viewed the sluggish stock market and slowing development of real estate as main contribution to the figure.

The city’s GDP is CNY653.07 billion, 0.1 percent lower than the national level of 10.4 percent. Shanghai adjusted industry setup this year, which affected the normal growth of GDP while sharp fluctuation of stock market and real estate cast shadow on service industry. As the incessant growing of magnesium industry, the production is expected to increase while consumable retail and investment on fixed asset are expected to rise back. Those elements will all contribute to the economic growth for the second half. (Securities Times)