Private Export Businesses Booming in East China's Shanghai

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Last updated at: (Beijing Time) Monday, May 26, 2003

Private Export Businesses Booming in East China's Shanghai

The number of private export businesses in Shanghai has risen by an average of eight per day since the beginning of the year.

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The number of private export businesses in Shanghai has risen by an average of eight per day since the beginning of the year.

Sources from the Shanghai Municipal Commission of Foreign Tradeand Economic Cooperation said Monday that 933 private export businesses were registered in the first four months.

According to the sources, the total includes 714 specialized trading companies and 219 manufacturing enterprises. By the end ofthe year, the number of private export businesses in the city is expected to reach about 4,000.

China lifted foreign trade restrictions on private firms in 1999 and, by February of this year, 40,000 private businesses had been granted authorization to engage in foreign trade.

There are 4,835 Chinese-financed import and export companies inShanghai, China's leading industrial and commercial center, including 2,913 private export businesses.

Private businesses in the city exported 327 million US dollars worth of commodities last year, a drastic rise from that of 2001.

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