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Shanghai's Per Capita Productivity to Reach US$10,000
Official statistics show that the year's per capita productivity by industries in Shanghai will surpass US$10,000, or an equivalent to that in medium-level developed countries.
The big increase derives from the successful tuning of industrial structure over the past five years, during which electronic information industry grew at an annual rate of 30 percent, to be the most prominent pillar industry.
Its production value will add up to 115 billion yuan (US$13.9 billion) by the end of the year and makes the largest proportion of 10.6 percent in Shanghai's industries, according to the statistics.
In addition, six traditional pillar industries, including automobile, iron and steel, telecommunications, petroleum chemicals and power stations, have made technological upgrades. In telecommunications, the highest productivity in Shanghai's per capita added-value reached 2 million yuan (US$241,000).
In recent years, the city invested about 12 billion yuan (US$1.4 billion) per year in new technologies, replacing low-productivity and high-cost traditional industries and thereby promoting productivity.
Over the last five years, about 1,000 companies with poor performance and excessive asset liabilities merged or went bankruptcy, and 1.3 million people who were laid off found new jobs, lowering Shanghai's industrial overall staff from 1.3 million to 850,000, boosting its per capita productivity by 58 percent, the statistics show.
Counting on its high productivity, the city, possessing one-sixteenth of the fixed assets of the nation's total, turned out one-twelfth of the industrial value and one-ninth of the nation's total revenue.
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