Shanghai's economy wins big in Expo

16:05, October 29, 2010      

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The latest data from Shanghai bureau of statistics shows the total volume of retail sales of social consumer goods in the first three quarters neared 448 billion yuan, up 17.6 percent from the same period of last year.

Thanks to the Shanghai World Expo, the consumer market in Shanghai is maintaining sustained and rapid growth, with a monthly increase of more than 15 percent, with the exception of January.

Accommodation, catering and retail sales industries in the city saw a rapid growth in the first three quarters, totaling more than 50 billion yuan, an increase of 16.8 percent over the same period of last year. The grow rate from June to September reached more than 25 percent.

With the closing ceremonies of the Expo fast approaching, Shanghai has announced that 20 projects with foreign investment worth around 1.2 billion US dollars have been singed, involving areas such as the modern service industry and advanced manufacturing industry. About three out of the 20 projects are from the world’s top 500 enterprises, and the rest are all from the leaders of relevant fields.

The newly-released figure shows the use of foreign investment in Shanghai keeps continuous and steady growth. From January to September, contracted foreign investment reached more than 11 billion U.S. dollars, an increase of 15.3 percent, of which the tertiary industry amounted to nearly 9.3 billion U.S. dollars, accounting for 81.9 percent.

As of the end of September, Shanghai identified 292 regional headquarters of multinational companies and approved 208 foreign investment companies and 315 foreign-funded R&D centers. Shanghai became the city attracting the largest number of headquarters of foreign-funded companies and at the same time, it covered the most extensive areas.

It is predicted that Shanghai World Expo will contribute to 5 percent of the city's GDP and drive from 40 percent to 50 percent of the investment in the Yangtze River Delta. Meanwhile, the proportion of tertiary industry taking for GDP will rise to 60 percent, which is a record high.

According to the preliminary estimate, the Expo will bring more than 80 billion yuan of direct tourism revenue.

In addition, the number of tourists and tourism revenue in the major cites around Shanghai during the Expo saw an high growth, which brought a more than 20 percent increase in traffic capacity, imports and exports and wholesale as well as revenue for the retail sales, accommodation and catering industries.

By Liang Jun, People's Daily Online


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