Shanghai registered economic growth of 3.1% in the first quarter of the year, significantly slower than the 6.1% growth registered for China as a whole, the South China Morning Post reported. The slow growth, which has led to suggestions Shanghai may not achieve its full-year target of 9% growth, was attributed to higher industrial costs and relatively greater exposure than other Chinese cities to a collapse in foreign demand. High operational costs have pushed manufacturers into more cost-competitive provinces and countries. Last month, the central government endorsed a plan to strengthen the city’s economy by transforming Shanghai into a global financial and shipping center by 2020.
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