Growth slows in Shanghai
January 21st, 2012 - 4:14 pm ICT by IANS ( Leave a comment )Beijing, Jan 21 (IANS) Shanghai’s economy grew 8.2 percent last year, among the slowest of China’s provinces and municipalities, but it remains China’s richest city.
The growth pace moderated from 9.9 percent in 2010 and was well under China’s average of 9.2 percent last year, the Shanghai Daily quoted the Shanghai Statistics Bureau as saying.
The city’s GDP hit 1.92 trillion yuan ($305 billion), with a per capita GDP of 82,560 yuan, highest in the mainland.
Yan Jun, chief economist at the bureau, said although the growth rate in the city continued to weaken in the past two years, the growth quality was improved.
“Shanghai has managed to accelerate economic restructuring, keep inflation stable, and reduce reliance on investment, export and the property market to drive its economy,” Yan said.
He added the rate was comparatively fast given the city’s restructuring process and the global economic slowdown.
Shanghai created 64,160 new jobs last year. The registered unemployment rate stayed at 4.2 percent.
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Tags: beijing, chief economist, economic restructuring, economy, gdp, global economic slowdown, growth pace, inflation, jan 21, mainland, municipalities, new jobs, per capita gdp, reliance, shanghai statistics, stable, statistics bureau, trillion, unemployment rate, yuan
