Shanghai's economy up 6.9 pct in 2017

Updated 2018-01-20 09:51:07 Xinhua

Shanghai's economy grew 6.9 percent year in 2017 to 3 trillion yuan (460 billion U.S. dollars) last year, said local statistics bureau Friday.

The growth was achieved through measures to boost the real economy when the property sector cooled, said the Shanghai Municipal Bureau of Statistics.

The industrial output of six major industries, including the auto and electronics and information sectors, expanded at 9 percent with much stronger 19.1 percent growth in the auto industry.

New commercial property sales in Shanghai slumped 37.5 percent year on year to 16.9 million square meters in 2017.

Shanghai will not loosen the property control measures this year as it continues to reduce reliance on the sector for economic growth and fiscal revenues, said Tang Huihao, chief economist with the bureau.

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