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Shanghai Accelerates Development of Major Industries
Shanghai, China's leading industrial and commercial city, will spend 350 billion yuan on six pillar industries over the next five years as part of its efforts to restructure local economy.
Huang Qifan, director of the Shanghai Municipal Economic Commission, said Monday that the investment to the six pillar industries will account for 80 percent of the city's total in the industrial sector during the 2001-2005 period.
According to Huang, the six industries cover information technology, automobiles, electrical and mechanical products, petrochemicals and refined chemicals, refined steel products, and bio-pharmaceuticals.
By 2005, industrial output value from the six major industries will take up 70 percent of the city's total, said Huang at the First International Symposium on Mechanical Engineering, which opened November 20.
Huang said that Shanghai aims to become China's largest producer of information technology products, cars, refined steel products, refined chemicals, and complete plants and equipment.
Several companies from the six industries are expected to join the world's top 500 corporations, Huang said.
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