Shanghai Makes All-round Progress

Shanghai, an economic powerhouse in China, has experienced healthy development in the national economy as well as in social development of the city during the ninth Five-Year (1996-2000) Plan period, opening a new page in the history of the city.

During the five-year period, the city has maintained a sound development trend by adjusting the product structure. This year, the city's GDP is expected to reach 454 billion yuan (US$54.7 billion), up 70 percent from 1995, or growing at an annual rate of 11 percent.

The city's GDP per capita surged from US$2,300 in 1996 to US$4,000 in 2000.

With the deepening of reforms, Shanghai has fostered a socialist market economic mechanism.

Economy of both the state-owned sector and non-public sector has developed rapidly.

Shanghai state-owned enterprises (SOE) have basically realized the goal of reducing losses within three years set by the country. The number of SOEs suffering from losses was reduced by 20 percent.

The proportion of the city's non-public sectors in gross domestic product increased from 18 percent in 1996 to its current 25 percent

Meanwhile, Shanghai's foreign trade witnessed a rapid increase during the period despite the Asian financial crisis. The city's import and export totaled US$160 billion during 1996 and 2000 period, rising 150 percent over that of the eighth Five-Year Plan (1991-1995) period, with the export of high-tech products accounting for one-fifth of the total.

Shanghai attracted foreign investment totaling US$30 billion during the period, twice that amount compared to the previous five-year plan period.

The city also spent 230 billion yuan (US$27.7 billion) on construction of theaters, transportation projects, sport venues and other infrastructure facilities, 1.8 times the amount spent during the eighth five-year plan period.

The living standards of Shanghai's rural and urban citizens have improved. By the end of 1999, urban citizens' per capita disposable income surpassed 10,000 yuan (US$1,205), and rural citizen's per capita income exceeded 5,000 yuan (US$602).

(Xinhua 10/11/2000)