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SPOTLIGHT ON SHANGHAI - Services rapidly expanding

Strong growth in retail, tourism, food and beverage and the real estate sectors have enabled Shanghai to lead China’s broader economic transition to more sustainable growth focussed around services industries.

The services industry in Shanghai now dominates other sectors and, in the first quarter of 2016, accounted for 70% of the city’s GDP, an increase of 6.7% over the previous year and is well above China’s 50.5% for the service industry.

A major trend is the transition from a B-to-B to a B-to-C economy. Shanghai will remain a landing spot for many businesses with innovative products and offerings, especially in areas such as travel and new product adoption.

Unlike many other cities in the interior of China, Shanghai’s real estate industry continues to expand with housing sales rising 16.6% last year. However, the game has changed for the city’s property developers, as the once readily available supply of construction land and now become a premium resource. However, this has led to better planned, higher quality projects that also enhance profitability.

Last year, Shanghai’s economy grew 6.9%, which is above the national average and indicates the country’s large coastal cities are at a more advanced stage of transitioning to a more sustainable and mature economy.

 

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