Shanghai's GDP Growth Exceeded 6% Last Year, Mayor Estimates
Liao Shumin
DATE:  Jan 15 2020
/ SOURCE:  yicai
Shanghai's GDP Growth Exceeded 6% Last Year, Mayor Estimates Shanghai's GDP Growth Exceeded 6% Last Year, Mayor Estimates

(Yicai Global) Jan. 15 -- Shanghai's gross domestic product is expected to have widened by more than 6 percent last year, while grappling with increasing downward pressures, according to the mayor.

The surveyed urban unemployment rate is likely to be 4.3 percent, Mayor Ying Yong said in a work report released today. That is less than the 4.9 percent logged at the end of 2018.

The central government's 2019 GDP growth target is between 6 percent and 6.5 percent for the whole country. In 2018, Shanghai's GDP widened by 6.6 percent.

Shanghai's total research and development spending equaled 4 percent of the city's 2019 GDP, according to Ying. Its renewables sector's output value increased by 15 percent while internet business revenues climbed by more than 30 percent.

Inbound foreign investment boomed. Overseas entities launched nearly 22 percent more projects in the city last year. The amount of contracted investment rose 7 percent and that of actualized investment rose by 10 percent. Multinational corporations built 50 new regional headquarters in the eastern city and 20 more R&D centers.

The second China International Import Expo was a success, as USD71.1 billion worth of contracts were penned at the trade event with an increase of 23 percent from a year earlier, according to the same report.

Editor: Emmi Laine

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Keywords:   GDP