Shanghai’s GDP Breaches Three Trillion Yuan Threshold
The city of Shanghai saw its annual GDP exceed the three trillion yuan (approx. USD$470 billion) threshold in 2017, with the Pudong New District accounting for nearly a third of its total economic output.
Data from the Shanghai Bureau of Statistics indicates that the city’s GDP reached 3.013386 trillion yuan in 2017, breaching the 3 trillion yuan threshold for the first time in its history.
The Pudong New District of Shanghai, renowned for its riverside skyline, posted GDP of 950 billion yuan in 2017, accounting for 32.5% of the city’s economic output.
Pudong mayor Hang Yingwei (杭迎伟) said at the Third Meeting of the Shanghai Pudong New District’s 6th People’s Representative Assembly that the GDP growth target for the region in 2018 is 8%, which will push its economic output above the trillion yuan threshold.
Hang said that Pudong will focus on four key work areas in 2018 – i) meeting the highest international standards and comprehensive deepening of free trade trial zone reforms; ii) deepening of the creation of a scientific innovation centre; iii) vigorous development of the real economy and continual strengthening of the innovation and competitiveness of economic growth, and iv) pragmatically strengthening the sense of gain and good fortunate amongst the public.