Shanghai's economy grows 6.9 pct in 2017

SHANGHAI - Shanghai's economy grew 6.9 percent in 2017, the municipal statistics bureau announced Thursday.

It kept pace with the country's GDP growth and was slightly higher than the 6.8-percent increase in the previous year.

Shanghai's GDP reached 3.01 trillion yuan ($475 billion) last year with the largest contribution from the tertiary sector, which made up 69 percent of the total.

Value added in the primary industry dropped 9.5 percent, while growth in secondary and tertiary industries was 5.8 percent and 7.5 percent, respectively.

Shanghai's total investment in fixed assets reached 724.7 billion yuan last year, up 7.3 percent, with the largest part seen in the tertiary industry which made up 85.7 percent of the total.

Strategic emerging industries in Shanghai saw an 8.7 percent increase in industrial added value to 494.4 billion yuan, accounting for 16.4 percent of the city's total GDP last year, up 1.2 percentage points.

China has attached great importance to the development of strategic emerging industries such as information technology, biotechnology, and high-end manufacturing in recent years.