Shanghai Reports Steadily Growing Economy

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Last updated at: (Beijing Time) Wednesday, August 28, 2002

Shanghai Reports Steadily Growing Economy

Shanghai registered a GDP of more than 252.3 billion yuan (30.39 billion US dollars) in the first half of this year, an increase of 10 percent year-on-year.

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Shanghai registered a GDP of more than 252.3 billion yuan (30.39 billion US dollars) in the first half of this year, an increase of 10 percent year-on-year.

The rate of increase is higher than the average figure for the period of 1998 - 2001 in this economic powerhouse, according to the latest report released by the Shanghai Municipal Government.

The official report points to steady domestic demand as the major driving force. The retail sales volume amounts to nearly 99.6 billion yuan (12 billion US dollars), a 9.8 percent increase year-on-year.

The total fixed assets investment from Jan. to June was about 91.5 billion yuan (11 billion US dollars), an increase of over 31 percent compared with the corresponding period last year.

All the indices are much higher than previously estimated, says the report.

Industrial production is regarded as the second contributor to the growing economy. The added value in the industrial sector reached more than 109 billion yuan (13.13 US dollars).

Shanghai's economy is also the nation's leader. Its revenue growth rate is 20 percent higher than the national average.

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