Business / Economy

Shanghai continues to grow at 6.9% as it transforms itself

By Yu Ran in Shanghai ( Updated: 2016-01-20 14:43

Shanghai is stabilizing its economic development, with a GDP growth of 6.9 percent, the same as the nation's figure. The city aims to retain growth by continuing to transform itself, official data showed on Wednesday.

The city's total output value exceeded 2.49 trillion yuan ($380 billion), with a year-on-year growth of 6.9 percent, 0.1 percent higher than the first three-quarter growth recorded in October, according to the official figures released by the Shanghai Municipal Statistics Bureau.

The tertiary industry has received a huge growth of 10.6 percent with a total value-added output of 1.69 trillion yuan, weighing 67.8 percent of the city's total output value, up 3 percent on a yearly basis.

It is expected that in 2016, economic development will continue to grow gradually at 6.5 to 7 percent, with more work focusing on transforming the city to be a scientific and technological hub with global influence.

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