Shanghai Expects Double-digit Growth for 13th Year

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Last updated at: (Beijing Time) Wednesday, January 15, 2003

Shanghai Expects Double-digit Growth for 13th Year

Shanghai, China's leading industrial and commercial city, expects to see a double-digit industrial growth rate for the 13th consecutive year in 2002, according to the city's Economic Committee.

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Shanghai, China's leading industrial and commercial city, expects to see a double-digit industrial growth rate for the 13th consecutive year in 2002, according to the city's Economic Committee.

The city's total industrial output value reached 752.9 billion yuan (91 billion US dollars) by the end of November and the figure was expected to top 820 billion yuan (99.1 billion US dollars) for the whole year, a 13-percent increase from 2001, according to statistics from the committee.

The added industrial value was expected to reach 230 billion yuan (27.8 billion US dollars) and post-tax profit 50 billion yuan (six billion US dollars), up 12.5 percent and 10 percent respectively from 2001.

Chen Zhaozhong, an official with the committee, attributed the good industrial performance to the improved market-oriented operation of enterprises and the readjustment of industrial structure over the past decade and more.

In 2002, Shanghai enterprises invested in 40 overseas projects and total industrial exports were valued at 160 billion yuan (19. 34 billion US dollars).

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