Tianjin's GDP hits 16.5 percent

Updated: 2010-01-27 11:16
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Tianjin's economy grew by 16.5 percent in 2009 from the previous year, the second fastest growth rate after northern China’s Inner Mongolia Automatons Region.

The gross domestic product exceeded 750 billion yuan in 2009 and the per capita GDP reached 62403 yuan, according to the data released by the Tianjin Municipal Statistics Bureau (TMSB) on Monday.

According to the TMSB, the value-added of the primary sector stood at 13.10 billion yuan, up 3.4 percent from the previous year; that of the industrial sector topped 411.05 billion yuan, up 18.2 percent year on year and the service sector reported value-added totaling 325.92 billion yuan, up 15.1 percent.

The robust growth amid the financial crisis was mainly attributed to the municipality's huge investment and a moderately loose monetary policy. The investment on fixed assets in 2009 reached 500.63 billion yuan, a 47.1 percent surge over the earlier year and a record high in the past 18 years.

Tianjin's financial institutions have loaned 1115.21 billion yuan by the end of 2009, a 47.2 percent rise year on year. The loan increment over the past year equaled that of the previous three years.

Zhang Qiang, vice director of the TMSB, said “currently there is no risk of a serious inflation”.

Last year’s economic development was characterized by a high growth speed and moderate price rise. At present product supply and demand are balanced, according to Zhang.

By Guo Changdong