The Pudong New Area, an emerging financial and trade zone set up in the early 1990 in China's leading industrial center of Shanghai, reported a GDP of 80 billion yuan in 1999, up 16.1 percent from the previous year.

Local analysts attributed the growth mainly to the increased investments and foreign trade.

Some 300 medium-sized and large enterprises from all over China and more than 5,000 overseas companies have opened subsidiaries in Pudong.

Businesses in Pudong are mainly engaged in automobiles, information technology, iron and steel, household appliances, petrochemicals, and pharmaceuticals.

Customs figures show that foreign trade in the area surged 28.3percent, earning 15.36 billion US dollars last year.

The figure includes about 6.66 billion US dollars of exports and 8.69 billion US of imports, up 26.4 percent and 29.8 percent, respectively.

Shanghai's GDP increased 10.2 percent in 1999. The national figure was 7.1 percent. (Xinhua)