(Yicai) Oct. 22 -- Shanghai’s economy expanded 5.5 percent in the first three quarters of the year, outpacing the national rate of 4.6 percent, driven by the industrial, financial, and information transmission, software, and information technology sectors.

Shanghai’s gross domestic product rose 5.5 percent to CNY4.33 trillion (USD648.8 billion) in the nine months ended Sept. 30 from a year earlier, according to data released by the local statistics bureau today. The industrial sector, financial sector, and information transmission, software, and IT sector boosted Shanghai’s GDP growth by 3.9 percentage points, contributing more than 70 percent.

Shanghai’s industrial added value also expanded 5.5 percent in the period. Last year, it reached CNY1.12 trillion, accounting for nearly 20 percent of the city’s GDP.

The added value of Shanghai’s financial sector rose 9.5 percent to CNY765.5 billion (USD114.7 billion) in the first three quarters from a year ago. With the rapid development of artificial intelligence, large language models, and AI agents, Shanghai’s software and IT services sector generated CNY582 billion in added value, up 8.9 percent in the period.

Backed by the AI industrial chain, the output value of Shanghai’s three leading manufacturing sectors -- AI, integrated circuits, and biomedicine -- increased 17 percent in the first three quarters from a year earlier. Among them, the output value of the AI and IC industries surged 25 percent and 23 percent, respectively.

Meanwhile, the output value of strategic emerging industries increased 9.3 percent in the period. Among that, the output value of the new energy vehicle and new energy industries grew 27 percent and 16 percent, respectively. The output of service robots, industrial robots, and ICs rose by 27 percent, 23 percent, and 12 percent, respectively.

The growth of strategic emerging industries has improved the structure of Shanghai’s foreign trade, with exports of high-tech products becoming an important growth driver.

In the first three quarters, Shanghai’s foreign trade in goods jumped 18 percent to CNY3.94 trillion from a year earlier, with exports up 22 percent to CNY1.81 trillion, an increase from 20 percent in the first half.

Exports of high-tech products surged 33 percent, accounting for nearly 29 percent of the total goods exports. AI-related products, such as ICs, memory components, and servers, as well as electric vehicles, lithium batteries, and photovoltaic products, were the main contributors.

Shanghai’s retail sales of consumer goods fell 1.1 percent to CNY1.2 trillion in the first three quarters from a year ago. Excluding automobiles, they rose 1 percent. Inbound tourist arrivals soared 27 percent in the period.

The fourth quarter is the decisive period for finishing the year strong, the Shanghai Municipal Development and Reform Commission said. It will strengthen economic performance analysis, fully leverage the effects of existing and new policies, continue to consolidate resilient economic growth momentum, and make every effort to secure high-quality completion of the annual targets.

Editor: Futura Costaglione