The city has decided to spend the next five years focusing on the improvement of co-operation between local enterprises and multi-national retailers.

Feng is optimistic about the ability of chain stores to increase retail profits in the city.

He predicts that, by 2005, the city's retail sales will climb to 250 billion yuan (US$30 billion) with an annual growth of 8 percent.

There is reason for Feng's optimism. According to economic forecasts, total retail sales volume in the city is expected to hit 185.4 billion yuan (US$22.4 billion) this year, or 8 percent more than last year.

"It's possible to realize the goal this year," Feng said.

There will be great opportunities for the local commerce sector during the next five years, according to Feng.

For the first time, the city government has listed commerce as one of its five-year-plan pillar industries.

"That means the city government will pay greater attention to the growth of commerce," Feng said.

The construction of a new deep-water port and an international shipping port in Shanghai are expected to contribute greatly to the improvement of local commerce, as will the nation's imminent entry into the World Trade Organization, according to Feng.

"At that time, with the breakdown of regional protectionism, our products will have an easier time traveling outside the city, to other provinces and countries," he said.

(China Daily 03/07/2001)