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Shanghai's economic operation status in the first half of 2018

July 18, 2018

Shanghai Statistics Bureau, Shanghai Investigation Organization of the National Bureau of Statistics

Since the beginning of this year, under the strong leadership of the 19th Communist Party of China Central Committee with general secretary Xi Jinping as the core, Shanghai has fully implemented the spirit of the CPC Central Committee's 19th National Congress of the as well as the second and third plenary session of the 19th Communist Party of China Central Committee and has been promoting and implementing Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era.

Shanghai will also resolutely implement the decision-making arrangements and the blueprint laid out by the China Communist Party Central Committee, the State Council, and the China Communist Party Shanghai Municipal Committee and the Municipal Government, adhere to the general tone of steady progress, adhere to the new development concept, and accelerate the construction of Shanghai into a global financial center, a global economic center, a global trade center, a global shipping center and a global scientific and innovation and at the same time promote Shanghai's position and reputation as a leader in shopping, service, manufacturing and cultural activities.

1. The economic operation is generally stable, and the tertiary industry which mainly consists of modern service industry has been picking up at a relatively fast pace

According to preliminary calculations, the city's GDP in the first half of the year was 1,555.815 billion yuan, based on comparable prices, an increase of 6.9 percent over the same period last year, and the growth rate was 0.1 percentage points higher than the first quarter. Among them, the added value of the primary industry was 3.815 billion yuan, down 5.0 percent; the added value of the secondary industry was 475.803 billion yuan, up 5.8 percent; the added value of the tertiary industry was 117.197 billion yuan, up 7.4 percent. The added value of the tertiary industry accounted for 69.2 percent of the city's total GDP.

In terms of major industries, in the first half of the year, the industrial added value was 430.428 billion yuan, up 6.4 percent over the same period of last year; the added value of wholesale and retail trade was 222.657 billion yuan, up 4.7 percent; the added value of transportation, warehousing and postal industry was 75.86 billion yuan, an increase of 14.3 percent; the added value of the accommodation and catering industry was 22.812 billion yuan, up 2.0 percent; the added value of the financial industry was 291.774 billion yuan, up 5.2 percent; the added value of the real estate industry was 77.842 billion yuan, up 6.4 percent.

2. Improved quality and efficiency of industrial production, the industrial added value of strategic emerging industries grew faster.

Gross industrial output value of enterprise above designated size rose 5.2 percent to 1.69 trillion yuan. The industrial output of the city’s six key industrial sectors rose 5.1 percent to 1.15 trillion yuan. Among the six key industrial sectors, the output of biomedical producers gained 15 percent while that of automobile manufacturing rose 12.3 percent year on year. The output of complete equipment manufacturing and electronic information product manufacturing also rose, up 4.2 percent and 2.2 percent respectively. The Output of petrochemical and fine chemicals fell 1.2 percent from the same period last year. The output of high-quality steel manufacturing fell 4.9 percent from the same period last year. The export value of industrial enterprises above designated size fell 2.8 percent year on year to 355.05 billion yuan.

In the first half of the year, Shanghai’s industrial added value of strategic emerging industries grew 8.1 percent to 506.31 billion yuan, up 1.3 percentage points from the same period last year. Among the industrial added value of strategic emerging industries, new energy vehicles surged 29.6 percent year on year. The biological industry and new generation of information technology also jumped 15 percent and 14.2 percent respectively. Energy-saving and environmental protection rose 6.5 percent, new energy rose 6.2 percent , high-end equipment increased by 5 percent and new material increased by 0.2 percent.

From January to May, business income of industrial enterprises above designated size totaled 1.56 trillion yuan, an increase of 8.4 percent year on year. Total profit reached 138.9 billion yuan, an increase of 11.2 percent compared with the same period last year.

3. Sales growth of the market is stable, foreign capital, import and export maintain stable growth

In the first half of the year, the city's total merchandise sales totaled 5.68 trillion yuan, an increase of 7.8 percent over the same period of last year. Total retail sales of consumer products reached 614.3 billion yuan, an increase of 7.7 percent. In terms of industries, sales of wholesale and retail totaled 559.9 billion yuan, up 7.9 percent over the same period of last year. Retail sales of accommodation and catering industry reached 54.3 billion yuan, up 5.1 percent year on year. In terms of commodity categories, cosmetics, hardware and electrical appliances, household appliances and audio and video equipment grew rapidly, with growth of 24.8 percent, 20.8 percent and 18.4 percent respectively. In terms of retail business pattern, in the first half of the year, the retail sales of stores reached 89.9 billion yuan, an increase of 10.4 percent over the same period last year. Among them, the online retail sales reached a total of 70.2 billion yuan, an increase of 13.3 percent. The growth rate is 9 percentage points faster than that of the first quarter, accounting for 11.4 percent of the total retail sales of consumer products.

In the first six months, the number of city's foreign direct investment contract projects totaled 2,177 units. The total contract value of Shanghai’s foreign direct investment amounted to US$21.5 billion, up 18.1 percent from a year earlier. The actual amount of foreign direct investment totaled US$8.56 billion, an increase of 6.3 percent, reversed the decline in the first quarter.

According to the Shanghai Statistics Bureau, in the first half of this year, the city's total import and export of goods reached 1.61 trillion yuan, an increase of 3.8 percent over the same period last year. Imports were up 5.1 percent to 978.9 billion yuan while exports rose 1.8 percent from the first half last year to 637.18 billion yuan.

4. Fixed-asset investment has seen a stable growth, with investment in manufacturing rising substantially faster

In the first half, Shanghai’s fixed-asset investment rose 6 percent to 317.027 billion yuan. From the perspective of major sectors, urban infrastructure construction increased 9.5 percent to 70.974 billion yuan; property development added 3.6 percent to 181.691 billion yuan; manufacturing jumped 22.9 percent to 46.576 billion yuan, whose growth rate reached the highest level in the past decade. From the perspective of industries, the agricultural sector swelled 1.2 times to 64 million yuan; the manufacturing sector advanced 23 percent to 46.527 billion yuan; and the services sector lifted 3.6 percent to 270.436 billion yuan. From the perspective of investment entities, state-owned investment edged up 2.1 percent to 84.072 billion yuan; non-state-owned investment swelled 7.5 percent to 232.955 billion yuan. Among them, private investment rose 6,8 percent to 124.485 billion yuan, accounting for 39.3 percent of all social fixed-asset investment.

5. Consumer inflation posted a mild increase, while producer inflation rose steadily.

In the first half, the Consumer Price Index increased 1.5 percent from a year earlier, which narrowed from the 1.8 percent rise in the first quarter. The price of services edged up 1.6 percent, while that of consumer products added 1.5 percent. From the perspective of eight categories, food prices lifted 2.6 percent; apparels decreased 2 percent; living costs edged down 0.1 percent; household products rose 1.1 percent; transportation and communication jumped 4.3 percent; education and entertainment added 3.7 percent; healthcare increased 1.4 percent; while others advanced 2.5 percent.

In the first half, the Producer Price Index expanded 1.9 percent from the same period of last year, keeping flat with the growth in the first quarter. The wholesale price at the factory end increased 4.1 percent, 0.1 percentage points higher than that in the first quarter.

6. Fiscal income expanded steadily, and the credit sector had a stable operation

In the first half, Shanghai’s fiscal income was 447.610 billion yuan, up 6.8 percent from a year earlier. Among it, value-added tax rose 8 percent to 166.150 yuan; corporate tax lifted 10.8 percent to 106.456 yuan; individual income tax jumped 12.2 percent to 44.522 billion yuan. The city’s fiscal spending expanded 6.1 percent to 420.033 billion yuan. Among it, energy conservation and environment protection rose 76.8 percent 14.750 billion yuan; spending for rural communities added 26.7 percent to 94.126 billion yuan; healthcare and family planning lifted 18.7 percent to 26.614 billion yuan; public security added 15.3 percent to 18.803 billion yuan; and general public services increased 12.5 percent to 17.836 billion yuan.

As of the end of June, the local and foreign currency deposit at Chinese and foreign financial institutions stood at 11.7 trillion yuan in Shanghai, an increase of 4.9 percent from same time a year ago and a rise of 458.07 billion yuan from the beginning of this year. The local and foreign currency outstanding loans at Chinese and foreign financial institutions hit 7.2 trillion yuan, a year-on-year increase of 10.9 percent and a rise of 449.11 billion yuan from the beginning of this year.

7. Accelerated growth in residents’ income and largely stable employment

According to a sampling survey, the per capita disposable income of Shanghai residents reached 32,612 yuan in the first six months of this year, a nominal year-over-year growth of 9.1 percent. Excluding price factors, it represented a real growth of 7.5 percent, which was 0.9 percentage point faster than same period a year ago and higher than the city’s GDP growth as well. In particular, the per capita disposable income of urban residents totaled 34,352 yuan, a nominal year-over-year growth of 9 percent and a real growth of 7.4 percent excluding price factors. That of rural residents stood at 17,382 yuan, a nominal year-over-year growth of 9.2 percent and a real growth of 7.6 percent excluding price factors.

In the first half of this year, a total of 377,400 jobs were added around the city, a rise of 35,100 from same period last year. As of the end of June, the number of registered unemployed people stood at 196,300, a decrease of 22,100 from same time a year earlier.

In summary, Shanghai’s economic performance in the first half of this year remained largely stable as it continued to proceed in a steady and more coordinated way. However, we should remain aware that more efforts are needed to further consolidate the city’s economic growth mainly due to those uncertainties and unstable factors in the global environment. For the next step, Shanghai will continue to stay in the frontline of the country’s reform and opening up, remain a pioneer in innovation-driven development, further leverage its strength to raise its overall capacity and core competitiveness in the new era as it strives to achieve high-quality development as well as provide high-quality life for its residents, and expedite its pace to build itself into a socialist modern international metropolis with global excellence and influence.