Shanghai GDP runs to 946 billion yuan in first quarter

Shanghai saw an upswing in economic growth in the first quarter, with almost all major indicators performing strongly.

The city's gross domestic product approximated 946 billion yuan (US$145.6 billion) in the first three months, an increase of 17.6 percent from the same period last year (calculated at comparable prices), according to the city's statistics bureau. 

Compared with January-March 2019 before the shock of COVID-19, the figure this year still posted a 9.7 percent rise. The two-year average growth in the period reached 4.7 percent.

Industrial production grew at a faster pace in the first quarter, with strategic emerging industries bounding ahead. 

In the first three months, value-added industrial production in the city swelled 34.5 percent from a year earlier, and was up 5.2 percent in average over the past two years.

Of the 35 major industrial sectors, production in 34 sectors achieved expansion. 

Among them, the automobile manufacturing industry, electrical machinery and equipment manufacturing, special equipment manufacturing, and general equipment manufacturing industry led the growth, with output value soaring by 76.8 percent, 61.2 percent, 58.1 percent and 49.1 percent respectively.

In the first quarter, the total output of the city’s strategic emerging industrial sectors topped 337 billion yuan, up 34.3 percent over the same period last year and an average increase of 13.8 percent over the previous two years. 

Production of new-energy vehicles, new energy and high-end equipment shot up by 4.2 times, 55.4 percent and 46 percent separately, while the two-year average growth rates were 2.3 times, 19.7 percent and 6.7 percent.

The bureau also noted the steady recovery in the service sector, with modern services enjoyed robust growth. The city's progress in digital transformation, meanwhile, gave impetus to the ballooning information service industry.

The tertiary sector in January-March advanced 14.3 percent year on year. Of which, the added value of the information transmission, software and information technology services sector exceeded 85 billion yuan, up 18.6 percent year on year, with an average increase of 15.9 percent in the two years. The financial sector reached 187 billion yuan, and the wholesale and retail sectors nearly 112 billion yuan.

With the active implementation of  policy measures to promote consumption, the city’s consumer market, especially the trading-up market, sped up the recovery.

In the first quarter, the city’s retail sales of consumer goods amounted  to 456 billion yuan, an increase of 48.9 percent over the same period last year and an average rise of 8.9 percent in two years.

Online retail sales continued to burgeon, running to 68 billion yuan, up 22.5 percent from a year earlier, accounting for 14.9 percent of the total retail sales of consumer goods.

Foreign investment also perked up in the period, which can be attributed to the city's unceasing efforts to optimize the business and investment environment.

Statistics from Shanghai Customs showed that the city’s total imports and exports of goods totaled 876.7 billion yuan in January-March, jumping 15.8 percent year on year. Of this total, imports soared 16.8 percent to 542.37 billion yuan, while exports grew 14.3 percent to 334.34 billion yuan.

Foreign direct investment in the city actually attained US$5.627 billion, rocketing 20.5 percent from the same period last year and an average increase of 12.2 percent over two years. Of this total, the paid-in value of FDI in the tertiary sector went up 21 percent, accounting for 95.3 percent of the city’s total.

The city's financial market kept  flourishing, the bureau said. Turnover in the city’s financial market added up to 565.13 trillion yuan, up 19.3 percent from the first quarter last year.

Household income growth picked up as well after the pandemic, and the employment situation was generally stable.