BEIJING, Jan. 22 (Xinhuanet) -- Shanghai is the latest to release it GDP figure, which shows today the municipality’s economy expanded by 7.5 percent in 2012 from a year earlier, boosted mainly by faster economic restructuring.
GDP reached over 2 trillion yuan last year, with the output of the service industry accelerating rapidly, and for the first time accounting for 60 percent of total GDP. Analysts think this is the threshold for Shanghai’s economic upgrade, and will usher the city into a new era of a service-focused market.
Beijing’s economy grew an annual 7.7 percent in 2012, reaching 1.78 trillion yuan. Officials say that although the number is the weakest pace in 13 years, they are pleased with the structure of growth, as the main drivers came from investments in the service sector and consumer spending on recreational activities.
The municipal government also says that research and development costs accounted for 5.8 percent of total GDP, the largest among China’s provincial level regions.
Jiangsu, a coastal province in China, is so far the top performer in China, outpacing Shanghai and Beijing. It posted a GDP number of 5.4 trillion yuan last year, jumping 10.1 percent year on year.
Interestingly enough, Jiangsu is likely to catch up with, or even surpass, Guangdong province, which is yet to release its figures. As Chinese exports have been facing headwinds due to the weak external environment, factories in Guangdong are struggling to keep pace with other parts of the country.