Shanghai's economic growth set to stabilize at 6.9% this year

City will continue to reform and open up, says Shanghai Academy of Social Sciences.

Shanghai’s economic growth is set to stabilize at 6.9 percent this year as the city continues to reform and open up, according to an annual report released by the Shanghai Academy of Social Sciences today.

“Shanghai will see steady growth, and with better quality contributed by technology,” said Shen Kaiyan, the author of the report on Shanghai's economic development released by the SASS. 

“The city's science and technology is developing strongly, its innovation is improving and it is cooperating with nearby cities to integrate growth,” Shen said.

Shanghai should continue to open up its industries and drive reform, especially in the China (Shanghai) Pilot Free Trade Zone, that will be the key to power Shanghai’s growth, Shen said.

Shanghai’s gross domestic product expanded 6.9 percent year on year to 3.01 trillion yuan (US$480 billion) in 2017, better than the 6.5-percent preliminary target set at the beginning of last year. The growth made Shanghai the first city in China to boast a GDP of above 3 trillion yuan.

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