Shanghai posts double-digital GDP growth for 2004

Shanghai's gross domestic product reached 744 billion yuan (89.6 billion US dollars) in 2004, a year-on-year rise of 118.9 billion yuan (14.3 billion US dollars), or 13.5 percent in comparable prices.

According to the municipal development and reform authorities, it was the first time that the city's annual GDP growth exceeded the 100-billion-yuan (12 billion US dollars) mark.

The authorities said the growth was efficient, as Shanghai, formerly a resource gobbler, consumed less energy per 10,000 yuan of GDP than any other city in China -- 1.07 tons of standard coal,compared with the national average of 2.6 tons.

Energy consumption as an indicator of GDP efficiency in Shanghai is now nearly 75 percent lower than it was at the beginning of the 1990s.

Shanghai's improved economic performance was also shown in fiscal revenues last year.

Its fiscal revenues amounted to 111.97 billion yuan (13.5 billion US dollars) in 2004, exceeding the 100-billion-yuan (12-billion-US dollar) mark for the first time and representing a growth of 24.5 percent from the previous year's 89.9 billion yuan (10.8 billion US dollars).

Meanwhile, economic returns of industrial businesses in Shanghai continued to improve. Their total profits were estimated at 101 billion yuan (12.2 billion US dollars) for the year, up 22.9 percent year on year. Six sectors -- IT, auto manufacturing, refined steel, petrochemicals and fine chemicals, complete equipment and bio-pharmaceuticals -- made up 69 percent.

The city absorbed 11.69 billion US dollars in contracted foreign capital, up 12.6 percent from the previous year. A total of 6.54 billion US dollars was actually used, representing an increase of 11.8 percent.

Shanghai will strive for a GDP growth of 11 percent this year, according to the local government's social and economic development plan.

Source: Xinhua