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IT Spurs Double-digit Growth in Shanghai
A growth rate of 10.8 percent was achieved in Shanghai last year - 0.6 percentage points higher than that in 1999.
It is the ninth continuous year of double-digit growth in the city's gross domestic product (GDP), according to the latest yearly report from the Shanghai Statistics Bureau.
The city's industries generated products with an added value of 199.2 billion yuan£šUS$24.1 billion£©, up 10.5 percent on 1999. The gross value of industrial output reached 691.5 billion yuan (US$83.6 billion), 13.5 percent higher than that in the previous year.
The pace of development was assisted by the information industry which has already become a pillar industry in the city, said sources within the bureau. The growth rate of the information industry hit 39.1 percent last year.
The added value of the finance and insurance industry hit 69 billion yuan (US$8.3 billion), up 18.1 percent in 1999. It accounted for 15.2 percent of the total added value of GDP.
Consumption in the city increased steadily last year with a total retail volume of 172.2 billion yuan (US$20.8 billion), the highest in the history of the city, 8.3 percent up in 1999.
Foreign trade and exports also experienced great growth last year. Yearly exports increased 17.7 percent from 1999. The total volume of foreign trade is estimated to hit US$25.3 billion, 34.7 percent higher than that of 1999.
The city's investment in fixed assets kept stable with a total volume of 186.1 billion yuan (US$22.8 billion) and surpassed expectations, according to the report.
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