Shanghai's Pudong Reports 16.7% GDP Growth in 2002

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Last updated at: (Beijing Time) Friday, January 24, 2003

Shanghai's Pudong Reports 16.7% GDP Growth in 2002

Shanghai's Pudong New District realized Gross Domestic Product (GDP) of over 125 billion yuan (15billion US dollars) in 2002, 16.7 percent higher than in the previous year.

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Shanghai's Pudong New District realized Gross Domestic Product (GDP) of over 125 billion yuan (15billion US dollars) in 2002, 16.7 percent higher than in the previous year.

Figures released Thursday by the statistics bureau of the Pudong New District show that its gross industrial output amounted to 219 billion yuan (26.5 billion US dollars) last year, 21 percent up on 2001, 41 percent of which comes from the hi-tech industry.

The new district recorded fixed asset investments worth 58.7 billion yuan (7.1 billion US dollars) in 2002 and 2.7 billion US dollars worth of contracted overseas investment.

Its exports rose 23.3 percent to 13.6 billion US dollars, and gross sales of commodities 24.1 percent to 124.5 billion yuan (15 billion US dollars).

Last year, Pudong launched 27 major projects altogether, involving a total of 13.2 billion yuan (1.6 billion US dollars), including the construction of the Pudong section of Shanghai's outer ring road, the operation of the world's first commercial maglev train, the fourth-phase construction of Waigaoqiao harbor, the building of the fifth hall of Shanghai's new international exhibition center and a garbage-burning power plant.

Thanks to the rapid economic development, residents in the new district saw their average annual pay increase by 8 percent last year. In addition, 23,000 more employment opportunities were offered to local laid-off or unemployed workers.

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