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GDPs of Beijing, Shanghai lead nation
By Muzi (China Daily)
Updated: 2005-01-22 03:30

Beijing and Shanghai both posted gross domestic product (GDP) double-digital growth last year.

The national capital’s GDP topped 428.3 billion yuan (US$51.8), up 13.2 per cent year-on-year, municipal statistics bureau spokeswoman Yu Xiuqin said on Friday. She said the growth was the highest for the past decade.

Shanghai’s GDP was 744 billion yuan (US$90 billion), a year-on-year rise of 118.9 billion yuan (US$14.4 billion), or 13.5 per cent. According to the municipal development and reform authorities, it was the fi rst time that the eastern city’s annual GDP growth had exceeded the 100-billionyuan (US$12 billion) mark.

And its growth came with efficiency, offi cials say, as Shanghai – formerly a huge consumer of resources – used less energy per 10,000 yuan (US$1,200) of GDP than any other city in China.

Energy consumption as an indicator of GDP efficiency, is now nearly 75 per cent lower than it was for Shanghai at the beginning of the 1990s.

In Beijing, macro control measures to moderate economic expansion in line with limited resources have started to pay off. This was shown mainly in a slowdown in fi xed asset investment and a reduction in credit extensions by commercial banks, said Yu.

She said the growth rate of fixed asset investment dropped from 36.5 per cent in the fi rst quarter of 2004 to 17.2 per cent for the entire year.

And the number of loans extended last year plummeted by 30.7 per cent compared with 2003.

“The GDP growth rate of the first half of last year is 15.4 per cent. Through the macro-control measures, the all-year figure has slipped to 13.2 per cent, which is good for a steady economic growth of the city,” said Yu.

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