Foreign-funded enterprises in Shanghai Municipality created US$10.88 billion of exports during the first quarter this year, up 88.6 percent year-on-year, accounting for 69.4 percent of total local exports, a rise from 63.6 percent at the end of last year.  

Continuous export increases by overseas-funded processing enterprises involved in hi-tech businesses was the main reason behind the rise in a whole.

Local exports of hi-tech products, mostly manufactured by foreign-funded firms, amounted to US$6.3 billion during the first quarter this year, more than double the figure a year ago, accounting for 40.1 percent of local exports.

Exports by local state-run enterprises went up 23.7 percent year-on-year to US$4.12 billion during the three months, with the amount by local private businesses rising by 190 percent to US$690 million.

Shanghai reported US$35.44 billion in foreign trade during the first quarter of this year, up 59.9 percent year-on-year, including US$15.7 billion in exports, up 68.1 percent year-on-year, 34 percentage points higher than the national growth rate.

(Xinhua News Agency April 15, 2004)