Shanghai saw a “better-than-expected” 6.7% economic growth year-on-year in the first half, driven by the fast developing services sector. The added value in the city’s services sector rose 11.6% to CNY917.57 billion, accounting for 70.8% of the city’s gross domestic product (GDP) in the first six months, compared to a 15.3% decline of added value in the agricultural sector and a 3.3% fall in manufacturing. Industrial production fell 4.4% to CNY1.43 trillion. Retail sales rose 7.7% to CNY4.86 trillion, while online sales totaled CNY60 billion, up 17.8% from a year ago. The disposable income of urban residents rose 8.9% to CNY29,030 in the first half. Investment in fixed assets rose 7.9% year-on-year in the January-June period, below the 8.4% rise last year. Exports fell 2% to CNY562.5 billion and imports rose 0.9% to CNY747.1 billion. Shanghai has not set an official GDP target for the year, instead prioritizing boosting innovation, keeping unemployment below 4.5%, and investing 3% of GDP in green projects. Shanghai is planning a comprehensive upgrade so as to be competitive globally and on par with New York and London, according to its blueprint for development till 2040.

Shanghai will be the center of the Yangtze River Delta’s world-class cluster of cities. The new cluster comprises 26 cities, including Shanghai, and parts of Jiangsu, Zhejiang and Anhui provinces. The three provinces and Shanghai form a region that enjoys the fastest economic growth in the country. With only 16.7% of the national population and 3.7% of the country’s land, the region contributed 21.19% of China’s GDP, according to the 2016 Shanghai Blue Book by the Shanghai Academy of Social Sciences.The GDP per capita in the area surpassed USD10,000 in 2014, the Shanghai Daily reports.