Shanhgai reports speedy industrial growth this year

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Last updated at: (Beijing Time) Wednesday, December 10, 2003

Shanhgai reports speedy industrial growth this year

The city's industrial sector will achieve record-high results this year in a number of major performance indexes, according to officials.

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The city's industrial sector will achieve record-high results this year in a number of major performance indexes, according to officials.

Thanks to a forecast total industrial output value that will hopefully exceed 1 trillion yuan (US$120 billion), compared with 2002's about 870 billion yuan (US$105 billion), the sector is expected to achieve an extraordinarily high growth rate of over 25 per cent in 2003.

Industrial output value has already hit some 880 billion yuan (US$106 billion) by the end of October, according to Jiao Yang, spokeswoman for the city government.

Industrial added value, another benchmark index of the sector's overall performance, reached some 232 billion yuan (US$28 billion) during the January-October period, reporting an 18.6 per cent year-on-year growth.

And the sector's profit-making capability remains strong as the city's combined industrial profit volume is forecast to exceed 74 billion yuan (US$8.95 billion), compared with about 51 billion yuan (US$6.17 billion) in 2002.

According to Jiao, incoming foreign investment into the industrial sector has also been quite strong as the city has approved over 1,600 foreign-invested industrial projects during the first 10 months this year, accounting for nearly 45 per cent of the city's total.

The projects involved a combined contracted overseas investment volume of about US$6.5 billion, and the sector is trying to raise the figure to US$7 billion by the end of this year.

Fixed assets investment in the sector reached 62.5 billion yuan (US$7.56 billion) as of October and will hopefully climb up to 78 billion yuan (US$9.43 billion) by the end of this year with a projected 13.4 per cent growth on a yearly basis, Jiao said.

"It's an exceptionally high growth," said Zhou Minhao, director of economic operation department under the Shanghai Municipal Economic Commission.

The local micro-electronic, automotive, petrochemical, steel and heavy equipment manufacturing sectors are among the biggest contributors to the eye-catching growth, said Zhou.

Construction on a number of key production bases in those sectors are well under way around the city.

Zhou attributed the strikingly robust industrial growth to the combined efforts of local manufacturers, which have been operating on a high-gear track since the first half of this year, trying to offset the losses due to the SARS impact on the tertiary industry.

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