SHANGHAI (AFP) — Shanghai economy grew 13.3 percent in 2007, the 16th straight year China's financial hub to record double-digit growth, state press reported Tuesday.
The fast-paced local economy in the city of 17 million hit 1.2 trillion yuan (166.8 billion dollars), boosted by strong growth in the finance, telecoms and logistics sectors, the Shanghai Daily reported.
Last year the port city's economy surged 12 percent, passing the one trillion yuan mark for the first time.
While those sectors contributed 622.3 billion yuan to the total worth of the economy, growth of 11.5 percent in manufacturing made up a robust 567 billion yuan.
Fixed asset investments, a main measure of spending on roads, factories and other large investment projects, were also a major contributor, making up 445 billion yuan.
Inflation of 3.2 percent remained well under the national average of 4.8 percent, despite leaping prices in food items, as in much of the country.
The bureau's consumer inflation calculations do not include real estate, which has been roaring ahead for years at double digits, although many are now predicting a slump in sales amid tighter credit conditions.
"We should tackle inflationary pressure and try to reduce pollution and the consumption of energy," Pan Jianxin, chief of the Shanghai Statistics Bureau, was quoted as saying by the paper.
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