Shanghai’s economy grew by 6.9 percent to 3 trillion yuan ($460 billion) in 2017, according to a local statistics bureau Friday. The growth was achieved through measures to boost the real economy after the local property sector cooled, according to the Shanghai Municipal Bureau of Statistics.
The industrial output of six major industries, including the auto, electronics and information sectors, expanded 9 percent, with especially strong growth (19.1 percent) 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.