Shanghai Sees Only Slight SARS Impact on GDP Growth

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Last updated at: (Beijing Time) Friday, July 11, 2003

Shanghai Sees Only Slight SARS Impact on GDP Growth

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Shanghai maintained its double-digit growth in its gross domestic product (GDP), which hit 282.6 billion yuan (34.2 billion US dollars) in the first half of this year, an 11.4 percent increase over the same period in 2002.

Though influenced by the sudden outbreak of severe acute respiratory syndrome, Shanghai maintained a sound economy due to the constantly improving development environment, deepened structural adjustment and effective implementation of response measures against SARS, said Pan Jianxin, director of the municipalstatistical bureau.

The manufacturing industry had made a great contribution to therapid growth of the city's economy, he said.

Statistics show that Shanghai's manufacturing industry realizeda total added value of 132.4 billion yuan (16 billion US dollars) from January to June in 2003, up 18.5 percent over last year.

Shanghai's tertiary industry, mainly composed of service trades,had suffered a direct impact from SARS, which resulted in a growthslowdown, Pan said.

However, the city's tertiary industry still realized a total added value of 134.5 billion yuan (16.3 billion US dollars) in thefirst half of this year, 5.9 percent more than last year.

Pan attributed it to rapid development in some service trades, including computer software, finance and real estate, which had effectively balanced the losses of other trades, like tourism, catering, hotels, traffic and retail during the SARS crisis.

Meanwhile, Pan also warned against complacency after SARS and stressed that the slow economic revival in developed countries andinternational trade protectionism would pose new challenges to Shanghai's foreign trade.

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