(Yicai) April 24 -- Shanghai's economy expanded 5.1 percent in the first quarter of the year, buoyed by strong performances of its flagship and emerging industries.

Shanghai's gross domestic product grew 5.1 percent to CNY1.3 trillion (USD178.4 billion) in the three months ended March 31 from a year earlier, compared with a growth rate of 5 percent in the same period last year and in 2024, the eastern Chinese city's bureau of statistics announced yesterday.

The tertiary sector expanded 5.6 percent in the first quarter, accounting for 81 percent of Shanghai's GDP in the period.

Information technology and financial services, which are Shanghai's flagship industries, contributed more than 60 percent to the city's GDP growth in the first quarter. Their added value expanded 13 percent and 9.4 percent, respectively, from a year earlier.

Shanghai's three leading emerging industries, integrated circuits, biomedicine, and artificial intelligence, saw their added value grow 8.9 percent, 2.8 percent, and 13.2 percent, respectively. The added value of the next-generation IT and high-end equipment manufacturing industries expanded over 17 percent and nearly 11 percent, respectively.

"Against the backdrop of a complex external environment and downward revisions to global economic growth expectations, as China's largest financial center and an important window to observe the country, Shanghai has achieved steady economic growth and has given a good expectation to the outside world," Ma Haiqian, deputy dean of the Shanghai Academy of Development and Reform, told Yicai.

Shanghai's main economic and social development direction remains building itself into an economic, financial, trade, shipping, and science and technology innovation center. Under these efforts, the city's core urban functions and international competitiveness have been improved, and its economic growth momentum has strengthened, Ma said.

The output value of large industrial enterprises in Shanghai rose 3.5 percent to CNY918.8 billion (USD126.1 billion) in the first three months of the year from a year earlier, compared with 0.7 percent in 2024. Their fixed asset investment climbed 6.5 percent in the period, versus 4.8 percent last year.

Shanghai's foreign trade volume fell 2.7 percent to CNY1 trillion (USD137.2 billion) in the first quarter from the same period last year, with exports surging 12.6 percent to CNY462.2 billion and imports plunging 12.7 percent to CNY543.1 billion.

Prices and employment remained stable in Shanghai in the first quarter. The consumer price index inched up 0.1 percent, while the unemployment rate remained unchanged at 4.2 percent. 

Editors: Dou Shicong, Futura Costaglione