Shanghai Economy Continues to Hit New Highs

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Last updated at: (Beijing Time) Monday, July 29, 2002

Shanghai Economy Continues to Hit New Highs

Shanghai's economy has been growing rapidly for more than 10 years, with the city registering a two-digit growth rate in the first half of this year.

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Shanghai's economy has been growing rapidly for more than 10 years, with the city registering a two-digit growth rate in the first half of this year.

The economic expansion can be seen in the following daily figures on the average. Each day, the city had 1.4 billion yuan (168 million US dollars) of gross domestic product, 500 million yuan (60.24 million dollars) of investment in fixed assets, and 400 million yuan (48.19 million dollars) of tax revenue.

Exports through Shanghai Port were valued at 200 million US dollars every day and the number of TEU (20-foot equivalent) containers handled by the port was 21,000, growing by 10 percent and 31 percent respectively on a yearly basis.

China's leading industrial and commercial center has become theoption of foreign investors. In the six months, Shanghai approved seven foreign-invested programs each day, with 30 million US dollars in contractual foreign funds flowing into the city.

Shanghai is also attractive to domestic investors who poured 98million yuan (11.8 million dollars) into the city each day during the first half year.

As a national financial center, Shanghai also cheered the booming financial industry with 13.2 billion yuan (1.59 million dollars) traded on the securities market each day. Moreover, the daily RMB deposits and loans with Shanghai-based Chinese-funded financial institutes totaled 630 million yuan (75.9 million dollars) and 356 million yuan, up 23 percent and 17 percent respectively over the same period last year.

Daily insurance premium income exceeded 68 million yuan (8.19 million dollars), soaring by 29 percent, and individual housing loans hit a record 120 million yuan daily.

Every day, more than 7,300 overseas visitors came to Shanghai, and there were two international exhibitions held in the city in every three days on average.

According to statistics, the average daily income for three-member families in the first six months was 113 yuan, up eight yuan from last year. Each day, people in Shanghai spent a record 220 million yuan (26.5 million dollars) on food, 75 million yuan (9.03 million dollars) on clothes and 250 million yuan (30.12 million dollars) on other daily necessities.

They bought 36,000 square meters of residential houses and 70 private cars each day, and spent 1.1 million yuan (130,000 dollars)on the lottery and 390,000 yuan (46,000 dollars) on movies.

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