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Shanghai to Reinforce Its Status as China's Top industrial Base
China's largest city, Shanghai, has enhanced its status as the country's No.1 industrial giant by hastening the development of its pillar industries.
A source from the municipal government said Shanghai is now making efforts to maintain and further expand five major sectors, namely the electronic information products, automobiles, power-generating equipment, fine steel and chemical industries.
According to the source, in the coming five years Shanghai will invest more than 130 billion yuan (US$15.7 billion) in the IT sector, supporting the development of seven types of products such as molectron and digital audio and video products.
Shanghai has also planned to improve its R&D ability in the automobile manufacturing industry, to give birth to a new type of car each year in the coming five years.
At present, Shanghai is one of the leading car manufacturers in China.
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