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Press Release for January 22, 2019 Media Briefing by the Shanghai Municipal People’s Government

January 23, 2019

The Information Office of theShanghai Municipal People’s Government held a press conference today (January 22), at which Tang Huihao, deputy director of the Shanghai Statistics Bureau, gave a briefing on the operation of the city's economy in 2018.

In 2018, in line with the call for the city to be a pioneer in reform and opening up and innovation development, Shanghai adhered to the general work guideline of making progress while maintaining stability, comprehensively implemented the new development concept, and went all out to promote high-quality development, create a high-quality life, and accelerate the upgrading of the city's level and core competitiveness. Overall, the city's economic and social development was steady. The resilience, vitality, and inclusiveness of economic development were enhanced, and showing the trend of high-quality development.

The main features of the economic operation of the year are as follows:

I. The economy grew steadily, with an increase in the proportion of the tertiary industry.

According to preliminary calculations, the city's gross domestic product reached 3.27 trillion yuan in 2018, an increase of 6.6 percent over the previous year at comparable prices, and continued to be within a reasonable range. Of this, the added value of the primary industry was 10.44 billion yuan, down 6.9 percent; the added value of the secondary industry was 973.25 billion yuan, up 1.8 percent; and the added value of the tertiary industry was 2.28 trillion yuan, up 8.7 percent, accounting for 69.9 percent of the city's GDP which was an increase of 0.7 percentage points over the previous year.

In terms of major sectors, the value-added industrial output in 2018 totaled 869.49 billion yuan, up 1.9 percent over the year before, and the added value of wholesale and retail sales was 458.15 billion yuan, up 3.3 percent. The figures for the transportation, storage and postal industries was 153.34 billion yuan, up 10.4 percent; and that for the accommodation and catering industries was 42.15 billion yuan, down 2.8 percent. The value-added outputs of the financial sector, the real estate industry, and the the social services sector were 578.163 billion yuan, 199.252 billion yuan and 849.073 billion yuan, respectively, up by 5.7 percent, 4.8 percent and 14.8 percent.

II. Fiscal Revenue posted sound growth, and the monetary credit ran smoothly.

The city's local general public budget revenue in 2018 totaled 710.81 billion yuan, an increase of 7 percent over the previous year. Among them, value-added taxes rose 6.7 percent to 262.48 billion yuan; enterprise income tax increased 8.3 percent to 151.87 billion yuan; personal income tax was 77.02 billion yuan, up 11.2 percent; and deed tax was 28.49 billion yuan, up 4.9 percent. For the whole year, expenditures in the city's general public budget rose 10.7 percent to 835.15 billion yuan, among which spending on urban and rural communities increased by 36.4 percent, spending on public security grew by 15.7 percent, and expenditure on general public services advanced 14.5 percent.

At the end of this year, the balance of domestic and foreign currency deposits of Chinese and foreign financial institutions in the city was 12.11 trillion yuan, up 7.7 percent over the end of 2017; while the balance of local and foreign currency loans was 7.33 trillion yuan, up 9.1 percent. For the whole year, domestic and foreign currency deposits newly added by 865.44 billion yuan, an increase of 670.36 billion yuan from a year earlier; new loans in domestic and foreign currencies totaled 573.67 billion yuan, 146.31 billion yuan less than 2017.

III. Market sales rose steadily, and online retail grew at a faster pace.

The merchandise sales in the city totaled 11.95 trillion yuan in 2018, up 5.6 percent over the previous year, and the retail sales of social consumer goods advanced 7.9 percent to 1.27 trillion yuan. By industry, wholesale and retail sales totaled 1.157 trillion yuan, up 8.2 percent, and the retail sales in the accommodation and catering industries amounted 109.99 billion yuan, an increase of 4.2 percent. In terms of commodity categories, household appliances and audio-visual equipment, textiles including clothing, shoes and hats, and the cosmetics sector grew at a fast pace, with growth rates of 43.7 percent, 14.2 percent, and 13.2 percent respectively.

Non-store retail sales totaled 192.6 billion yuan, an increase of 13.8 percent over the previous year which was 4.4 percentage points faster than 2017. Among them, retail sales in online stores rose 15.8 percent to total 150.67 billion yuan, up 6.2 percentage points compared with that in the year before.

IV. Fixed asset investment grew at a steady pace, while industrial investment jumped rapidly.

The total fixed asset investment in the city increased by 5.2 percent last year from 2017. Among them, private investment rose by 8.6 percent, accounting for 38.7 percent of total FAI, an increase of 1.2 percentage points from a year earlier.

In major areas, industrial investment advanced 17.7 percent over the previous year, investment in urban infrastructure grew 9.3 percent, and investment in real estate development was up by 4.6 percent. In terms of industries, investment in the primary industry jumped 2.1 times, investment in the secondary industry grew 17.2 percent, and investment in the tertiary industry edged up by 3.2 percent.

V. Trade remains stable growth and foreign investment

According to Shanghai customs, Shanghai's total import and export volume of physical goods was 3,400.93 billion yuan, an increase of 5.5 percent over the previous year. Imports totaled 2,034.3 billion yuan, an increase of 6.4 percent and exports reached 1,336.68 billion yuan, an increase of 4.2 percent.

Total import and export of general trade was 1,764.476 billion yuan, an increase of 8 percent from a year ago and the total size of processing trade was 750.37 billion yuan, which was the same as the previous year.

The size of import and export of state-owned enterprises was 512.687 billion yuan, up 11.2 percent from a year ago; the import and export value of foreign-invested enterprises was 2,194.161 billion yuan, adding 2.1 percent and the import and export of private enterprises totaled 668.403 billion yuan, up 12.6 percent from the previous year.

The city signed a total of 5,597 investment projects with foreign investors in the past year, an increase of 41.7 percent over the previous year; the contractual value of foreign direct investment was US$46.937 billion, adding 16.8 percent from a year ago.

The actual amount of foreign direct investment implemented in the past year was US$17.30 billion, an increase of 1.7 percent.

VI. Industrial output picked up and industrial companies' profit remained positive

The total output value of major industrial firms was 3,484.184 billion yuan, an increase of 1.4 percent over the previous year. In terms of industries, the total industrial output value of the six key industries reached 2,387.077 billion yuan, adding 1.4 percent over the previous year.

 The output value of electronic information products manufacturing industry increased by 1.9 percent, the automobile manufacturing industry increased by 0.8 percent, the petrochemical and fine chemical manufacturing industries dropped 1.5 percent, the fine steel manufacturing industry lowered 6.5 percent, the complete equipment manufacturing industry added 4.8 percent, and the biomedical manufacturing industry advanced 9.8 percent.

The total industrial output value of strategic emerging industries was 1,065.991 trillion yuan, an increase of 3.8 percent over the previous year, and the growth rate was 2.4 percentage points higher than the average level of major industrial companies in the city.

Among them, biological manufacturing recorded annual growth of 9.8 percent, the next-generation information technology increased by 5.8 percent, high-end equipment manufacturing advanced 5.7 percent, new energy vehicles jumped 5.4 percent, new energy went up 2.5 percent, energy conservation and environmental protection increased by 2.1 percent, and innovative materials was down by 1.9 percent.

In the first eleven months in 2018, the core business income of major industrial enterprises reached 3,539.931 billion yuan, an increase of 3.5 percent over the same period of the previous year. The total profit of major industrial enterprises reached 309.911 billion yuan, an increase of 6.6 percent. At the end of November, the industrial asset-liability ratio was 48.2 percent, down 1.0 percentage point from the same period in the previous year.

VII. Consumer price level remain low and factory gate price saw slower growth

Consumer price level in the city rose by 1.6 percent over the previous year, and the growth rate dropped by 0.1 percentage point year-on-year.

Price level of services rose by 1.6 percent, and the growth rate fell by 0.7 percentage points; consumer goods price advanced 1.6 percent, and the growth rate picked up 0.4 percentage points.

In terms of specific product categories, food, tobacco and alcohol increased by 2.3 percent, clothing category decreased by 1.7 percent, residential cost rose by 0.2 percent, household goods and services rose by 1.4 percent, transportation and communications rose by 4 percent, and education, culture and entertainment price level rose by 3.1 percent. Health care price level rose 2.4 percent, while other supplies and services rose 2.4 percent.

Factory gate price of industrial producers in the city increased by 1.7 percent over the previous year, and the growth rate dropped by 1.8 percentage points year-on-year; the procurement price of industrial producers rose by 5.2 percent, and the growth rate lowered 3.7 percentage points from a year ago.

VIII.Urban and rural residents' income has risen steadily and the employment situation has remained stable

According to a sample survey, the per capita disposable income of the city's residents was 64,183 yuan in the past year, an increase of 8.8 percent over the previous year; the actual increase rate of 7.1 percent, which excludes the inflation effect, rose by 0.3 percentage points over the previous year.

The per capita disposable income of urban permanent residents was 68,034 yuan, an increase of 8.7 percent over the previous year, and a real increase of 7.0 percent after ruling out the inflation factor.

The per capita disposable income of rural residents was 30,375 yuan, a nominal increase of 9.2 percent and a real increase of 7.5 percent after deducting the inflation.

The number of new jobs in the city was 581,700 in the past year, an increase of 2,700 over the previous year.

As of the end of December, the number of registered urban unemployed population in the city was 194,100, a decrease of 26,500 from the end of the previous year.

 In 2019, Shanghai will adhere to the general tone of steady development and would adhere to the new development concept. The city will continue to promote high-quality development, and would regard the supply-side structural reform as a major task. It will also continue to deepen market-oriented reforms, expand high-level openness, and coordinate overall growth.

 It would continue to promote reform, adjust structure, benefit the people's livelihood, prevent risks, further stabilize employment, stabilize finance, foreign trade, foreign investment, investment activities, market expectations, and would also maintain sustained and healthy economic development, to celebrate the 70th anniversary of the founding of the People's Republic of China with outstanding achievements.