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Shanghai's economy surged by 12.4 percent in the first half of this year, compared with 10.3 percent a year earlier, said Vice Mayor Hu Yanzhao.

The manufacturing sector grew the fastest with 14 percent in the period, among the economy's three major segments. The service sector rose 11.4 percent, compared with 9.6 percent a year earlier.

The flourishing securities market raised the added value of the service sector with a total output of 31 billion yuan (US$4 billion), growing 13.5 percent.

The information service industry grew the fastest in the service sector with a 16-billion-yuan output.

The Shanghai Composite Index, which tracks yuan-denominated A shares and foreign-currency B shares, advanced 44 percent in the first six months to 1,672.21.

The growth rate in the retail market broke 13 percent in the period, Hu said.

Fixed-asset investments in the period grew 8.6 percent, far slower than the country's 30 percent.

(Shanghai Daily July 18, 2006)