| SCMP -
Friday, December 23, 2005 Shanghai revision forecast to lag nation's JANE CAI Shanghai's revision of last year's gross domestic product to take better account of services sector output will be far smaller than the national average, according to a leading economist. The revision, based on the city's first census of economic activity, would result in a figure 8 per cent higher than the original total, against a 16.8 increase nationally, Yang Jianwen , deputy director of the Shanghai Academy of Social Sciences' economics department, told the South China Morning Post. That would mean adding about 60 billion yuan to the city's GDP figure of 744 billion yuan for last year, the academic said. "The figure has not been officially released. As far as I know, the increase will be much smaller than the national change," Mr Yang said. He said the revision was smaller because the city's data collection system in recent years had been better than elsewhere. However, he said there were still areas to be counted. "Last year's figures showed the tertiary sector accounted for less than 50 per cent of GDP, which is quite different from what we actually feel in Shanghai," he said. The Shanghai Bureau of Statistics released its economic census report yesterday but has yet to announce a GDP revision. Shanghai had 411,000 enterprises in the secondary and tertiary sectors by the end of last year, up 23 per cent from 2001 when it held a basic unit survey, according to the report. Together, the two sectors employed 9.11 million people, with 51 per cent in services. The number of state-owned enterprises dropped by 44 per cent from 2001 and collective operations halved. In contrast, the number of private businesses surged by 92 per cent over the three years. The number of businesses in manufacturing and construction fell by 2.8 per cent, to 82,000, while the number in the tertiary sector rose by 31.5 per cent, to 329,000. |