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Home >> Business
UPDATED: 11:48, January 31, 2006
Shanghai records double-digit GDP growth for 14th year in a row
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The Gross Domestic Product (GDP) of China's largest city Shanghai has recorded a double-digit growth for 14 consecutive years, according to the Municipal Development and Reform Commission.

The latest report on the city's economic development revealed that the GDP soared a further 11.1 percent to 912.5 billion yuan (114 billion U.S. dollars) in 2005.

It said the city's primary industry reported 414 billion yuan (51.25 billion U.S. dollars) of added value, up 12.5 percent year-on-year.

Meanwhile, the added value of the tertiary industry stood at 458 billion yuan (57.25 billion U.S. dollars) in 2005, up 10.5 percent from the previous year.

Shanghai reported 354 billion yuan (44.25 billion U.S. dollars) of fixed assets investment in 2005, up 14.5 percent year-on-year. Most of the investment was spent on 56 major construction projects.

In terms of foreign investment, Shanghai reported a contractual use of 13.8 billion U.S. dollars, with 6.85 billion U.S. dollars of investment already in place.

The city's foreign trade also saw an increase in 2005, with 91 billion U.S. dollars of exports, up 23.8 percent year-on-year, and 93.5 billion U.S. dollars of imports, up 8.1 percent year-on-year.

Source: Xinhua

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