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Shanghai raises growth by emphasizing service

By He Wei in Shanghai | China Daily | Updated: 2013-07-24 07:20

Shanghai raises growth by emphasizing service
In the first six months of the year, Shanghai's service sector grew 9.6 percent, contributing 61.7 percent of the city's GDP. [Photo / Provided to China Daily]

City's economic transformation seen as source of its success

The continued expansion of the service sector and renewed attraction of foreign investment helped Shanghai's economic performance in the first half of the year to beat the national average.

Shanghai raises growth by emphasizing service

The city's gross domestic product from January to June grew 7.7 percent year-on-year, exceeding the national average by 0.1 of a percentage point, the municipal government announced on Tuesday.

The better-than-anticipated economic output suggested the business hub's attempts toward a more value-added economy have started to pay dividends, experts said. The reading also marked the first economic rebound since last year, when Shanghai's growth eased to 7.5 percent, missing the national target.

Looking further ahead, economists predict an increasing share of growth impetus will come from the free trade zone, which, they said, will help to redefine Shanghai's position as a services center of international stature.

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