Minhang District has been making constant efforts to optimize its industrial structure. In 2016, the district’s primary, secondary and tertiary industries’ added values of GDP have a ratio of 0.1:49.1:50.8. The service industry accounts for 62.2% of the total tax revenue. In 2016, tax revenue in categories such as telecommunication, software and IT technology service industry as well as real estate increased relatively fast at 34.4% and 43.3%, respectively.
Chart 4: District GDP and industrial structure
In 2016, the district’s investment in fixed assets totaled 49.343 billion yuan, 2.7% higher than the previous year. In particular, real estate development investment totaled 34.637 billion yuan. Of the total completed investment, secondary industry absorbed 5.089 billion yuan, or 10.3% of the total investment, and the tertiary industry 44.254 billion yuan, or 89.7%. Foreign businesses and those from Hong Kong, Macau and Taiwan invested 13.456 billion yuan, accounting for 27.3% of the total investment; state-owned businesses invested 1.755 billion yuan accounting for 3.6% of the total investment; private sector businesses put in 8.376 billion yuan accounting for 17.0%.
In 2016, 41.6% of the district’s tax revenue (or 26.958 billion yuan), was from overseas-funded enterprises and from Hong Kong, Macao and Taiwan invested firms, and 49.7% (32.221 billion yuan) from domestically-funded enterprises.
Of the total industrial output of enterprises above the set scale, 70.7% of the value was from enterprises invested by overseas investors, or investors from Hong Kong, Macau, and Taiwan, and 28.5% from joint-stock enterprises.
By the end of 2016, the number of employees across the district reached 535,400, which included 294,000 employees in the secondary sector and 241,400 workers in the tertiary sector.