Shanghai Succeeded for a Cut Number of Spindles and Staff ĦĦĦĦTo complement big-scale industrial production and be put at the service of the metropolitan city is the guideline set by Shanghai for the 1998 goal of its textile industry for a reduction in the number of spindles and a smaller workforce throughout the whole municipality. In Shanghai last year, there were altogether 703,000 spindles that had been eliminated and a workforce of 41,000 that had been cut in addition to a workforce of 55,000 that had been diverted. When efforts were made for an annual RMB$12.05 billion yuan worth of output to be achieved it had also been rewarded by a total of RMB$300 million yuan of profits and an exchange amount of about US$1 billion that had been created. ĦĦĦĦ HomeNews 1999-01-05 Page2