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Shanghai plays an important role in China's social and economic development. With a population of 13.2163 million. (according to permanent residence registration) only 1% of China’s total and a land area of 0.06% of China's total, Shanghai contributes 1/12 of China's total industrial output value, 1/6 of China's port cargo handling volume, 1/4 of China's total exports and 1/8 of China's financial revenue. In 2000, Shanghai's GDP reached 455.15 billion Yuan up 65.3 times over that of 1952 according to the comparable prices. The average annual growth rate hit 9.1% during the 1952-2000 period. The figure was an increase of 6.5 times over that of 1978, with an annual growth rate of 9.6%. From 1992 to 2000, Shanghai had registered a double-digit annual GDP growth rate for nine consecutive years. In the Ninth Five-Year Plan period (1995-99), the city's GDP witnessed an annual growth rate of 11.4%. In 1952, Shanghai's average per capita GDP was only 430 Yuan. In 1978, it stood at 2,498 Yuan and the figure surpassed 10,000 Yuan in 1990 and jumped to more than 20,000 Yuan in1996. The year of 1999 saw the figure reaching 30,805 Yuan. In 2000, Shanghai's per capita GDP jumped to RMB 34,600 or 4,180 US dollars according to the then exchange rate. The figure reaching the middle level of the developed countries and regions in the world, was the highest among the cities on China's mainland excluding Hong Kong, Macau and Taiwan. For the 1991-1999 periods, Shanghai invested a total of more than 310 billion Yuan, with an annual increase of 33%, in its urban construction projects . In the Ninth Five-year Plan period (1995-99) investment totaled 227.4 billion Yuan, with an annual growth of 17.5%. In 2000, construction of 15 major projects was completed, including the main part of the Info Port, the Middle Section of Elevated Yan'an Road, the first phase of Metro Line Two, the First Phase of the Pudong International Airport, the first phase of the nation's first Pearl Line light rail, Shanghai Urban Planning Exhibition Hall, the Century Boulevard, and Shanghai International Convention Centre. The first magnet-moved train in China is also building in Shanghai and will put into trial run in 2003 Among total industrial ouput value of Shanghai, the output value for overseas-funded industrial enterprises rose 21.9% to 346.946 billion Yuan. By the end of 2000, Shanghai had signed contracts with investors from 91 countries and regions around the world on 27,900 overseas-funded projects with contracted investment totaling 94.285 billion US dollars, of which 50.1 billion US dollars has already been invested. In 2000, export and import through Shanghai Customs reached 109.311 billion US dollars, up 43.5% from the previous year and accounting for 23% of China's total import and export volume. 59 out of 100 largest industrial multinational corporations in the world have invested in Shanghai . By the end of September 2001, 146 Fortune 500 Companies have invested more than 200 projects in Shanghai. Although many multinational corporations have invested in Pudong New Area, Shanghai, 68% of total investments in Pudong New Area, Shanghai are still small & medium enterprises. Shanghai's financial industry has been opening wider for oversea investors. By the end of 2000, the city had 66 foreign-funded financial institutions, an increase of four from the previous year. Of the total, 25 foreign banks have been authorized to deal in Chinese currency business. After years of development, Shanghai has emerged as the most influential centre of industry, trade and finance in China. Regarded by many as China's New York, Shanghai has succeeded in attracting numerous local and overseas investors. Pudong has evolved from years of abandonment and transformed itself into a prosperous centre of international trade. Skyscrapers have become landmarks in Pudong, the new development area of Shanghai, just like Manhattan. For instance, the Jin Mao Tower is the third tallest building in the world. Besides, a Japanese consortium has decided to invest 0.6 billion US dollars in Pudong New Area to build Shanghai World Financial Centre. It is estimated that it would become the tallest building (466 meters tall and 94 levels) in the world by 2005. With its experience of hosting the "World Fortune Forum", Shanghai organized a series of APEC (Asia Pacific Economic Cooperation) Forums and the 9th Informal APEC Economic Leaders Meeting which was held on 20th & 21st of October 2001 . Leaders from a total of 21 economic bodies (China, USA, Russia, Japan, Korea, Australia, Canada, Indonesia, New Zealand, Singapore, Vietnam, Philippines, Mexico and Taiwan) including Jiang Zemin, the President of China and George Bush, the President of the United States, attended the conference. Source : October, 2001, Shanghai Municipal People's Government |
