SHANGHAI’S gross domestic product grew 7.8 percent from a year earlier to 493.7 billion yuan (US$78.9 billion) in the first quarter, the Shanghai Statistics Bureau said yesterday.
The rate picked up from last year’s 7.5 percent rise and was higher than the national average of 7.7 percent, although Shanghai was again China’s slowest-growing city among the 22 provinces and municipalities which have released figures for the first three months.
“The data indicate that Shanghai is steady on the path of economic recovery,” said Li Maoyu, an analyst at Changjiang Securities Co. “Despite the relatively slow pace, Shanghai is sticking to its own growth course toward a service-driven economy.”
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Wang Yanlin via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/ZwZLmY0nY0I/
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