Shanghai notches up 6.8% GDP growth in Q1

Shanghai posted 6.8 percent GDP growth in the first quarter of 2017, a better than expected performance thanks to recovering industrial output and the continuous growth of the service sector, said the city's statistics and development and reform authorities.

Despite the slowdown in transaction growth and investment growth in the real estate market after home purchase restrictions were introduced, Shanghai's Q1 economic growth was better than the 6.7 percent in first quarter of 2016, according to the Shanghai Statistics Bureau.

"The first quarter economic growth data showed that Shanghai's economic growth pattern is shifting toward being consumption driven, with the service industry, high-tech, and emerging strategic sectors being the major contributors to growth," said Ruan Qing, deputy director of the Shanghai Municipal Development and Reform Commission.