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Press Release for Media Briefing of the Shanghai Municipal Government on June 23, 2021

July 22, 2021

The Information Office of Shanghai Municipality held a municipal government press conference today (July 21). Tang Huihao, Deputy Director of the Shanghai Municipal Bureau of Statistics, gave a briefing on the operation of Shanghai’s economy in the first half of 2021. Zhuang Longde, Deputy Head of the Shanghai Investigation Team of the National Bureau of Statistics, attended the press conference and answered questions from reporters.

In the first half of this year, the city’s economy continued to recover, with improved resilience and economic benefits. Production and demand grew rapidly, employment and prices were generally stable, and people’s livelihood and security steadily improved. The city’s economy showed stability with an enhanced, progressive and improving trend.

According to the unified calculation results of regional GDP, Shanghai’s local GDP in the first half of the year was 2.010253 trillion yuan, which was an increase of 12.7% over the same period last year at comparable prices, and the growth rate dropped 4.9 percentage points from the first quarter. The average two-year growth was 4.8%, 0.1% faster than that in the first quarter. In terms of industries, the value added of the primary industry was 3.296 billion yuan, marking a year-on-year decrease of 4.7%, and an average two-year drop of 11.0%. The value added of the secondary industry was 498.922 billion yuan, marking a year-on-year increase of 17.3%, and an average two-year growth of 3.8%. The value added of the tertiary industry was 1.508035 trillion yuan, marking an increase of 11.3% year-on-year, and an average two-year growth of 5.2%. The value added of the tertiary industry accounted for 75.0% of the city’s GDP.

1. Industrial production grows steadily, and industrial strategic emerging sectors grow rapidly

In the first half of the year, the value added of the city’s industrial enterprises above designated size increased by 20.0% over the same period last year, with an average two-year of 5.4%. The total output value of industrial enterprises above designated size was 1.814664 trillion yuan, marking an increase of 18.8% year on year, and an average two-year increase of 5.5%. In the first half of the year, 32 of the city’s 35 industrial sectors, or 91.4%, achieved growth in industrial output value. Among them, the automobile manufacturing industry, special equipment manufacturing industry, electrical machinery and equipment manufacturing industry led the growth, as their output value increased by 36.9%, 32.6% and 31.7% year on year, respectively, and the average two-year growth was 9.6%, 11.2% and 11.3% respectively.

In the first half of the year, the total output value of industrial strategic emerging sectors in Shanghai was 716.468 billion yuan, an increase of 19.6% over the same period last year, and an average two-year increase of 12.3%. Among them, the output value of new energy vehicles, new energy and high-end equipment increased by 2.5 times, 32.1% and 24.5% year on year respectively, and the average two-year growth was 1.6 times, 27.3% and 6.7% respectively.

2. The service industry recovers steadily, with information services, wholesale and retail industries leading the growth

In the first half of the year, the added value of the city’s tertiary industry rose by 11.3% over the same period last year, and the average two-year growth rate was 5.2%. Among them, the added value of the information transmission, software and information technology services industry was 177.006 billion yuan, a year-on-year increase of 16.1%, and with an average two-year rise of 14.8%. The value added of the wholesale and retail industry was 242.892 billion yuan, a year-on-year increase of 15.2%, and an average two-year increase of 2.2%. The value added of the financial industry was 384.265 billion yuan, a year-on-year increase of 7.7%, and an average two-year increase of 7.5%. The value added of the real estate industry was 181.218 billion yuan, a year-on-year increase of 13.6%, and an average two-year increase of 6.2%.

3. Market consumption continues to rise, and consumption upgrade-related products grow rapidly

In the first half of the year, the city’s total retail sales of consumer goods were 904.844 billion yuan, an increase of 30.3% over the same period last year, and an average two-year increase of 7.6%. In terms of different industries, the retail sales of the wholesale and retail industry were 828.713 billion yuan, a year-on-year increase of 28.4%, and an average two-year increase of 8.3%. The retail sales of the accommodation and catering industry were 76.131 billion yuan, a year-on-year increase of 54.0%, and an average two-year increase of 0.1%. In terms of major commodity categories, the retail sales of consumption upgrade-related commodities such as gold/silver/jewelries, cosmetics, and communication equipment increased by 72.4%, 24.0%, and 19.2% year on year, respectively, and the average two-year growth was 25.0%, 26.6%, and 8.0%, respectively. Brick-and-mortar stores picked up noticeably. The retail sales of goods in brick-and-mortar stores above designated size increased by 33.7% year on year, with an average two-year growth rate of 9.1%.

In the first half of the year, the city’s online retail sales were 148.572 billion yuan, an increase of 21.2% over the same period last year, and an average two-year increase of 12.8%, and accounting for 16.4% of the total retail sales of consumer goods.

4. Investment in fixed assets increases relatively fast and the real estate market remains stable

In the first half of the year, the city’s investment in fixed assets increased by 10.9 percent year on year, and the average two-year growth was 8.8 percent. Specifically, industrial investment rose 10.5 percent year on year with an average two-year growth of 12.7 percent. Among them, manufacturing was up by 10.1 percent year on year with an average two-year growth of 15.0 percent; real estate development up by 11.5 percent with an average two-year growth of 9.2 percent; the investment in infrastructure up by 11.2 percent with an average two-year growth of 6.6 percent.

In the first half of the year, the floor space of commercial buildings sold in the city reached 8.3283 million square meters, up by 29.2 percent year on year with an average two-year growth of 6.3 percent. Among them, the floor space of newly-built commercial residential buildings reached 6.6794 million square meters, up by 23.0 percent year on year with an average two-year growth of 6.5 percent.

5. Imports and exports of goods grow relatively fast and utilization of foreign capital gains good momentum

In the first half of the year, the city’s total value of imports and exports of goods was 1.882789 trillion yuan, an increase of 19.0 percent year on year. The total value of imports was 1.179010 trillion yuan, up by 25.4 percent year on year. The total value of exports was 703.779 billion yuan, up by 9.6 percent year on year. From the perspective of import and export enterprises, the imports and exports by private enterprises increased by 35.5 percent, those of foreign-invested enterprises up by 13.9 percent, and those of state-owned enterprises up by 14.4 percent. Grouped by categories, the imports and exports of high-tech products increased by 6.1 percent, and those of mechanical and electrical products increased by 14.7 percent.

In the first half of the year, realized foreign direct investment in the city reached US$12.448 billion, an increase of 21.1 percent year on year with an average two-year growth of 13.0 percent. Among them, realized foreign direct investment in the tertiary industry increased by 21.8 percent, accounting for 95.9 percent of the city’s total.

6. Financial markets witness active transactions and fiscal income increases relatively fast

In the first half of the year, the transaction value of the city’s financial markets was 1166.63 trillion yuan, up 9.2 percent year on year. Among them, the transaction value of securities at the Shanghai Stock Exchange, Shanghai Futures Exchange and China Financial Futures Exchange increased by 26.4 percent, 100 percent and 21.8 percent, respectively. By the end of June, the balance of domestic and foreign currency deposits of domestic and foreign financial institutions in the city was 16.56 trillion yuan, up by 14.8 percent year on year. The loan balance was 9.12 trillion yuan, an increase of 11.1 percent year on year.

In the first half of the year, the city’s general public budget revenue was 473.151 billion yuan, up by 20.2 percent year on year. Among them, VAT was up by 15.0 percent, corporate income tax up by 28.4 percent, personal income tax by 33.2 percent and deed tax up by 48.1 percent. The city’s general public budget expenditure was 378.890 billion yuan, up 0.4 percent year on year.

7. Consumer prices rise mildly and producer prices buck the downward trend

In the first half of the year, the city’s consumer price index (CPI) went up by 0.7 percent year on year, 0.4 percentage points faster than the first quarter. Grouped by categories, prices for transportation and communications were up by 2.0 percent; education, culture and recreation up by 1.5 percent; housing up by 1.0 percent; food, tobacco and alcohol up by 0.5 percent. The prices of daily necessities and services rose by 0.2%, and the prices of other articles and services rose by 1.1%. The prices of clothing were down by 0.6 percent and those of healthcare services were down by 2.1 percent.

In the first half of the year, the producer prices for industrial products went up by 0.8 percent year on year, while the reading for the first quarter was down by 0.8 percent. In the first half, the purchasing prices for industrial producers rose by 4.0 percent year on year, while the reading for the first quarter was down by 0.1 percent.

8. Growth of resident income further improves and employment is generally stable

In the first half of the year, the per capita disposable income of residents in the city increased 10.3 percent year on year to reach 40,357 yuan, which was 0.5 percentage points faster than the first quarter with an average two-year growth of 6.9 percent. In terms of permanent residence, the per capita disposable income of urban households was 42,348 yuan, up by 10.1 percent year on year with an average two-year growth of 6.7 percent. The per capita disposable income of rural households was 22,535 yuan, a growth of 13.2 percent year on year with an average two-year growth of 8.9 percent.

In the first half of the year, the number of the newly added jobs in the city reached 402,300, an increase of 131,100 from the same period last year.

In the next step, Shanghai will continue to adhere to the general working guideline of making progress while maintaining stability, coordinate both the epidemic prevention and control and the economic and social development, strengthen the “Four Functions” and deepen the construction of “Five Centers”, comprehensively enhance the city’s soft power, and ensure a good start of the “14th Five-Year Plan” period.