First quarter economic growth in Shanghai this year was buoyed by the service and real estate markets, according to the figures released by the Shanghai Statistics Bureau. The city’s gross domestic product grew 6.7 percent on a yearly basis in the first three months to 622.54 billion yuan ($95.48 billion). Service output also rose 11.5 percent to 439.76 billion yuan, contributing to more than 70 percent of the local GDP for the first time. The growth in the service sector also outpaced the national average by 3.9 percentage points. New home sales by value jumped 97 percent to 108.86 billion yuan in the first quarter, nearly doubling the speed of growth in the same period last year.
More than 1,000 sciencerelated activities have been made free to the public during the annual Shanghai Science Week which is taking place between May 14 and 21. The eight-day program started with a red carpet event featuring 20 young scientists from China and abroad. During the week, members of the public can enter 222 science venues for free as well as enjoy discounts on admission tickets to 55 other venues including the Shanghai Natural History Museum. A total of 16 science films are being shown at the Shanghai Science Cinema.
The former site of Expo 2010 Shanghai will be transformed into a worldlevel Central Activities Zone, according to the city’s 13th Five-Year Plan. The idea is based on the concept of a Central Business Zone and aims to create a mixed cultural and economic cluster of boutique hotels, high-quality residential blocks and cultural industrial venues. Performing arts, fencing culture and art galleries will be open in those existing pavilions on the site. The plan will also kick off with 23 construction projects comprising 1.86 million square meters of office space, Shanghai’s largest international hospital, schools and parks.