Foreign-funded enterprises in Shanghai municipality created 10.88 billion US dollars of exports during the first quarter this year, up 88.6 percent year-on-year, accounting for 69.4 percent of total local exports, a rise from 63.6 percent at the end of last year.

Continuous export increases by overseas-funded processing enterprises involved in hi-tech businesses was the main reason behind the rise in a whole.

Local exports of hi-tech products, mostly manufactured by foreign-funded firms, amounted to 6.3 billion dollars during the first quarter this year, more than double the figure a year ago, accounting for 40.1 percent of local exports.

Exports by local state-run enterprises went up 23.7 percent year-on-year to 4.12 billion dollars during the three months, withthe amount by local private businesses rising by 190 percent to 690 million dollars.

Shanghai reported 35.44 billion dollars in foreign trade duringthe first quarter of this year, up 59.9 percent year-on-year, including 15.7 billion dollars in exports, up 68.1 percent year-on-year, 34 percentage points higher than the national growth rate.

Source: Xinhua