Shanghai Records Double Digit Growth in 2001

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Last updated at: (Beijing Time) Thursday, January 03, 2002

Shanghai Records Double Digit Growth in 2001

Preliminary statistics obtainedfrom the local government showed that the economy of Shanghai grewby at least 10 percent in 2001.

Preliminary statistics obtainedfrom the local government showed that the economy of Shanghai grewby at least 10 percent in 2001.

The result means Shanghai, the country's biggest industrial andbusiness center, has maintained a double-digit economic growth forthe past 10 consecutive years.

The past decade has been the fastest growing period for the municipality during the past five decades, posting a 12.5 percent average annual growth rate.

The gross domestic product (GDP) value for Shanghai exceeded anestimated 500 billion yuan (60 billion U.S. dollars) in 2001, compared to 89.3 billion yuan (10.8 billion U.S. dollars) in 1991,while the per capita GDP rose to about 4,600 U.S. dollars from 1,307 U.S. dollars.

The share of the tertiary industry in the economy of Shanghai increased to about 50 percent last year from 34.9 percent in 1991.

Shanghai has vowed to become an international financial, shipping and trade center as well as advanced manufacturing center.

Key Chinese Cities Report Financial Growth in 2001