Shanghai’s GDP grows over 6 pct in 2019

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SHANGHAI
Shanghai’s GDP is estimated to grow by over 6 percent in 2019, according to Ying Yong, Shanghai’s mayor while delivering a government work report at the opening of the local annual legislative session. Shanghai’s economic structure continues to improve, with the added value of the tertiary sector accounting for more than 70 percent of the GDP last year.
The per capita disposable income in Shanghai grew by 8.2 percent for urban residents and 9.3 percent for rural ones last year, with the latter recording faster growth than the former for eight consecutive years. The city’s CPI is estimated to increase by 2.5 percent in 2019. The city maintains as a top investment hotspot, with the number of new foreign investment projects in 2019 rising 21.5 percent from the previous year.
The amount of contractual and paid-in foreign capital grew by 7.1 percent and 10.1 percent, respectively. And the number of new regional headquarters and R&D centers of multinational corporations increased by 50 and 20, respectively. For 2020, the city forecasts its GDP growth at around 6 percent, while the CPI is projected to rise by around 3 percent.

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