Its tertiary industry, or service sector, accounts for around 70 percent of the city’s GDP and is still rapidly growing. Shanghai - Shanghai - Economy: For some time Shanghai has been the country’s leading industrial and manufacturing centre because of a distinctive combination of factors. It produces machines, chemicals, metals, fertilizers, petroleum products, ships, textiles and consumer goods. Try our corporate solution for free! Tertiary growth was highest in real estate, finance, and insurance. ** GDP jumped a record 18.3% in the first quarter from a year earlier, official data showed on Friday, slower than the 19% forecast by economists … Taking up only 0.06% of the country's land area, Shanghai economy now generates about 8.3% of China's gross industrial output value, 10% of its ports' cargo-throughput, 25% of the total value of the country's imports and exports … In 1995, the GDP per capita of Beijing, Tianjin and Shanghai reached more than 1,000 US dollars; by 2000, there were 10 provinces with GDP per capita exceeding 1,000 US dollars, of which Beijing, Tianjin and Shanghai exceeded 2,000 US dollars. Shanghai is located near the mouth of the Yangtze River on a … Its GDP in the first three quarters of 2020 declined 0.3 percent compared with the same period in 2019, showed data from the Shanghai Municipal Bureau of Statistics released last October. Official statistics show that Shanghai posted a GDP growth of 1.7 percent in 2020, with per capita GDP exceeding $23,000. The city remained attractive to foreign companies as 51 new regional headquarters of foreign-funded multinationals and 20 new foreign-funded R&D centers landed there last year, bringing the total figures to 771 and 481, respectively. Based on the current price, the country's average annual GDP growth in these 32 years was 15.8%, reaching an historical high of 36.41% in 1994 and a record low of 6.25% in 1999. Shanghai was the largest and most prosperous city in East Asia during the 1930s, and its rapid redevelopment began in the 1990s. Accessed December 9, 2019. The municipality achieved 3.01 trillion yuan in GDP in 2017, for year-­on-­year GDP growth of 6.9 percent, which corresponded with that of the previous year and last year's national average, according to the Shanghai Municipal Statistics Bureau. Shanghai is transforming into a post-industrial economy. With 570,000 new jobs created in the city, the surveyed urban unemployment rate remained within 4.4 percent. In the last two decades, Shanghai has been one of the fastest-developing cities in the world; it has recorded double-digit GDP growth in almost every year between 1992 and 2008, before the financial crisis of 2007–08. Accessed December 9, 2019. Shanghai is China's most important industrial and commercial city. Strategy of Economic Growth; Free market, state enterprises, and Shanghai’s mixed economy) the article summarizes and analyzes several characteristics that made Shanghai a unique model in the history of globalization: In adapting and adopting inevitable economic globalization, Shanghai created its unique model of economic Gross domestic product for 2019 reached 3.82 trillion yuan (US$550 billion), an increase of 6 percent, the bureau said on Tuesday. All economists in the survey forecast GDP growth topping 6% for 2021, the goal set by China at the National People's Congress in March. In the past year, Shanghai witnessed new momentum from emerging industries and the digital economy. Official statistics show that Shanghai posted a GDP growth of 1.7 percent in 2020, with per capita GDP exceeding 23,000 U.S. dollars. Shanghai posts positive economic growth despite epidemic. Shanghai is an important economic, financial, trade and shipping center in China. Growth was achieved against the backdrop of a deep recession in the world economy amid the severe impact of Covid-19, which slashed the eastern Chinese financial hub’s first-quarter GDP by 6.7 percentage points, Gong noted in his government work report to the annual meeting of the Shanghai Municipal People's Congress yesterday. The municipality expected its gross domestic product to grow at a rate between … (212) 419-8286 https://www.statista.com/statistics/802355/china-gdp-of-shanghai As it stands today, Shanghai accounts for 3.63 percent of China’s overall GDP. In the last two decades Shanghai has been one of the fastest developing cities in the world. Shanghai stocks rose on Friday, as China's upbeat first-quarter gross domestic product (GDP) data added more signs to a continued solid recovery in the world's second largest economy… Industrial growth in the secondary sector was 160.2% in the suburbs, 156.6% in the outskirts, and 80.9% in the city. China's stronger-than-expected 2020 growth again signals that the country is speeding up expansion and will continue to lead the world's economic recovery from COVID-19. In the distance function analysis, industry expanded further out than the entire secondary sector. Shanghai's GDP rose from 2.69 trillion yuan (about 415 billion U.S. dollars) in 2015 to 3.87 trillion yuan in 2020, with per capita GDP exceeding 23,000 U.S. dollars. Urban Climate, 2, 1-15. In 2011, Shanghai’s total GDP grew to 1.92 trillion yuan ($297bn) with GDP per capita of 82,560 yuan ($12,784). However, unlike France, which is growing at the rate of 1-2 percent in 2010-2011, Shanghai enjoyed a double-digit growth in 1992-1997 and continues to grow at about 8-9 percent per year. Shanghai’s bank balance just keeps piling up. Since 1992 it has recorded double-digit growth almost every year except during the global recession of 2008 and 2009. Shanghai - Shanghai - History: As late as the 5th to 7th centuries ce the Shanghai area, then known as Shen or Hudu, was sparsely populated and undeveloped. SHANGHAI, Jan. 24 (Xinhua) -- After achieving a 1.7-percent GDP growth in 2020 despite the impact of the COVID-19 outbreak, Shanghai set its GDP target for 2021 at more than 6 percent. Shanghai remained economically resilient and robust last year despite the impact of the COVID-19 epidemic, a local official said Wednesday. In 2021, Shanghai aims to keep GDP growth above … Shanghai's GDP achieved a 6.5 times increase and reached 48.749 billion U.S. dollars, with an annual growth rate of 9.5%. The world's second-largest economy's gross domestic product (GDP) increased by 6.5 percent in the fourth quarter of 2020, official data showed on Monday. The Economy of Shanghai Shanghai. It contributes greatly to the whole nation's economic structure and the development of society. Shanghai's GDP is expected to grow by more than 6 percent in 2021, local authorities said on Sunday. Despite the steady southward progression of Chinese settlement, the exposed deltaic position of the area retarded its economic growth. Through the ’90s and ’00s, the city saw a steady annual economic growth of between 9 percent and 15 percent. (2012, December) Urbanization and its environmental effects in Shanghai, China. Zong said more foreign companies are welcome to share investment and development opportunities in Shanghai in the future. Its import and export volume increased by … Official statistics show that Shanghai posted a GDP growth of 1.7 percent in 2020, with per capita GDP exceeding 23,000 U.S. dollars. New Geography (2019, March 27) Beijing and Shanghai Limit Population Growth. Shanghai’s economy continued to show signs of strength last year, despite challenges at home and abroad, according to the city’s statistics bureau. Shanghai's GDP rose from 2.69 trillion yuan (about 415 billion U.S. dollars) in 2015 to 3.87 trillion yuan in 2020, with per capita GDP exceeding 23,000 U.S. dollars. The Atlantic (2016, August 7) 26 Years of Growth: Shanghai Then and Now. The operating income of the software and information technology service industries increased by more than 12 percent. It is the home to some 80-90 million people with GDP (PPP) of some US$2 trillion, or about the economic size of France. In 2019, the service sector of the economy in Shanghai municipality in China grew by around 8.2 percent compared to the previous year. Shanghai has been undergoing major industrial restructuring and developing its high-tech industries. Gong said Shanghai aims to achieve a GDP growth of more than 6 percent this year, with consumer prices surging by about 2.5 percent. Six key advanced i… Its import and export volume increased by 2.3 percent year on year, while its retail sales of consumer goods in 2020 stood at 1.59 trillion yuan (about 246 billion U.S. dollars), up 0.5 percent year on year and ranking first among Chinese cities. In the past year, Shanghai witnessed new momentum from emerging industries and the digital economy. Commerce grew the fastest in areas 15.4 km from center city. In 2020, Shanghai's CPI edged up 1.7 percent year on year. Shanghai’s Resurgence Speaking at the annual session of the Shanghai Municipal People's Congress, the local legislature, Mayor Gong Zheng said although the city's GDP dropped by 6.7 percent in the first quarter of 2020, Shanghai has managed to speed up the economic recovery quarter by quarter. Its GDP in the first three quarters of 2020 declined 0.3 percent compared with the same period in 2019, showed data from the Shanghai Municipal Bureau of Statistics released last October. Important industries in Shanghai include financial services, wholesale and retail, real estate, transportation, construction, and manufacturing. ​Shanghai remained economically resilient and robust last year despite the impact of the COVID-19 epidemic, a local official said Wednesday. Photo taken on Nov. 3, 2020 shows the view of the Lujiazui area of Pudong, east China's Shanghai. Enditem, 010020070750000000000000011100001396934601. Gong said Shanghai aims to achieve a GDP growth of more than 6 percent this year, with consumer prices surging by about 2.5 percent. According to a report released by the United Nations Conference on Trade and Development, although global FDI flows plunged 42 percent year on year in 2020, FDI in Shanghai hit a record high, topping 20.2 billion U.S. dollars, up 6.2 percent year on year. SHANGHAI, Jan. 15 (Xinhua) -- 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. Their full-year GDP … Shanghai barely met its target for 2019 amid the US-China trade war. Considering that its land area is 0.1 percent of the country as a whole, this is a consistently impressive number, reinforcing the economic strength of the … The city has evolved from an industrial and commercial city into a Value-added of the primary industry was 8.82 billion yuan, up three percent year-on-year, value-added of the secondary industry hit nearly 256.47 billion yuan, up 12.1 percent year-on-year and value-added of the tertiary industry topped 275.58 billion yuan, up ten percent year-on-year. A city with a population of over 24 million and a large number of foreign visitors, Shanghai had not only effectively controlled the epidemic, but also saw positive growth in its gross domestic product (GDP), consumption, import and export volume and foreign direct investment (FDI) in 2020, Zong Ming, vice mayor of Shanghai, said at a press briefing. Cui, L. & Shi, J. Shanghai barely met its target for 2019 amid the US-China trade war GDP is! 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