Shanghai reports faster industrial growth
( 2003-12-05 11:23) (Xinhua)
Amid a sustained manufacturing craze, the industrial economic gross
revenue in Shanghai is expected to exceed one trillion yuan (about 120
billion US dollars) for the first time this year and contribute more than 50
percent to the city's economic growth in the year.
Information from the Shanghai Municipal Commission of Economic
Development said that the municipality accomplished 880 billion yuan (106
billion US dollars) in industrial output value in the first 10 months of
the year, up 27 percent from the same period last year, and created 232
billion yuan (28 billion US dollars) in industrial added value, up 18.6 percent.
The production to marketing ratio was over 99 percent.
Jiao Yang, spokesman with the municipal government, predicted that the
net profits made by the industrial sector would amount to 74 billion yuan (8.9
billion US dollars) this year, and would earn 32 billion US dollars from
exports, up 45 percent.
The city completed 847.6 billion yuan (102 billion US dollars) in total
industrial output value, and realized 51 billion yuan (6 billion US
dollars) in profits from the manufacturing sector last year, and the
industrial production to market ratio was 98.5 percent. The industrial
sector contributed 50.9 percent to the city's economic growth.
The faster industrial growth in Shanghai has in turn made the
industrial sector the most popular destination for domestic and overseas
investment. Fixed asset investment into the city's industrial sector
totaled 62.5 billion yuan (7.5 billion US dollars) from January to
October, and the volume will hopefully go up to 78 billion yuan (9.4 billion US
dollars), accounting for one third of the city's total fixed asset investment.
Two thirds of the municipality's contractual overseas investment has
flowed to the industrial sector. In the first 10 months of the year, the
city saw launches of more than 1,600 overseas-invested industrial
businesses with contracts worth approximately 6.5 billion US
dollars.
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