(Yicai Global) Jan. 19 -- Shanghai's gross domestic product topped CNY3 trillion (USD466 billion) for the first time last year marking an unprecedented milestone for a Chinese city, as its economy expanded 6.9 percent.
The city's total GDP hit CNY3.01 trillion in 2017 following moves by the Shanghai government to implement economic restructuring to create new growth drivers and improve growth quality.
The expansion was driven by the software and information technology service industries, which registered an 18.9 percent annual rise in added value to CNY186.2 billion (USD2.97 billion), offsetting a 19.1 percent dip in the real estate sector, which fell to CNY171.004 billion.
Fixed asset investment rose steadily by 7.3 percent in the year to CNY724.66 billion with a spike in private investment, one percentage point higher than expansion seen in 2016.
Private investment went up 13.5 percent to CNY271.733 billion, marking a pickup of 1.6 percentage points from the previous year.