Shanghai beats GDP estimates with 5.6% growth – but two-speed recovery persists

Shanghai’s economy expanded 5.6 per cent in the first half of the year, beating expectations on strong growth in hi-tech manufacturing and exports, even as weak consumer spending exposed the uneven nature of the recovery. According to data released by the municipal statistics bureau on Monday, the reading surpassed both the national growth rate of 4.7 per cent for the same period and the city’s own growth rates in recent years, signalling a resilient rebound in the financial and commercial...