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The relation between industrial hollowing-out and Shanghai's economic growth rate was analyzed by using ordinary least squares and ECM regression model. Data used in the empirical test was a monthly time series data from January 2003 to February 2017. Empirical results show Industrial producer price index, and the total amount of imports has a positive relationship with economic growth rate. However, fixed asset investment, land use cost, and labor resources cost have a negative impact on economic growth rate.doi:10.19044/esj.2018.v14n22p223 fatcat:7v7umewoknd2fmp4v3ykpo6q7y