Shanghai's international payments topped 200 billion US dollars in 2004, up nearly 50 percent over the previous year and making up 17 percent of China's total, according to official statistics of the country's foreign exchange regulator.

Preliminary statistics provided by the Shanghai branch of the State Administration of Foreign Exchange show that current account makes up over 85 percent of Shanghai's total international payments in 2004, whereas capital and financial accounts together account for some 15 percent.

Though no detailed breakdown is available yet, the foreign exchange regulator said both merchandise and service trades maintained rapid growth, and direct investment took a significant share in the city's capital account.

International payments have been rising at approximately 40 percent annually in China's largest metropolis in the recent three years and foreign exchange regulators predict it will continue to grow this year.