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Sunday, January 21, 2001, updated at 10:54(GMT+8)

Shanghai's Industrial Economy Continues Big Growth

Shanghai's industrial economy has witnessed a big growth for years on end. In 2000, its industrial added value reached 199.2 billion yuan, up by 10.5 percent over 1999; its gross industrial output value ran to nearly 691.54 billion yuan, up by 13.5 percent; the production-marketing rate reached 98.89 percent, keeping the rate at above 98 percent for three consecutive years; the profits it earned is expected to top 37 billion yuan, a net increase of 11 billion yuan, up by more than 40 percent over the previous year. By late November, the comprehensive industrial economic return index hit 142.86, signifying positive results gained by Shanghai in its efforts to deepen reform of State-owned enterprises, establish a modern enterprise system and boost the strategic readjustment of the industrial structure.

The good development momentum of Shanghai's industrial economy has a tremendous reserve development strength. The amount of investment made in industry in 2000 reached 60.5 billion yuan, 11.7 billion yuan of which was put into technological development, accounting for 2.5 percent of the industrial sales value, up by 0.5 percent over the previous year; foreign investment increased substantially, contracted value of foreign funds hit US$4.8 billion, a 140 percent increase over the year before, this progress shows that Shanghai's investment environment has further improved and its industrial development prospect is generally seen as promising.

Last year, for the first time in the past decade, Shanghai's industrial enterprises paid off 3.1 billion yuan worth of electricity charge they owed. Cases of economic disputes resulted from "triangle" debt chains saw a sharp drop. The number of large and medium-sized State-owned and State holding loss-making enterprises fell to 18.3 percent, staying at less than 20 percent for two years running; enterprise asset-liability ratio dropped to an appropriate level of 50.2 percent. The net asset return rate of various types of enterprises, including State-owned and State holding enterprises, foreign-funded enterprises or solely foreign enterprises reached 9 percent on the average. Hi-tech industries represented by e-information industry witnessed rapid growth. The sales volume registered by the e-information industry amounted to 79.6 billion yuan, an increase of 39.1 percent over the preceding year; the output value of automobile, petrochemical, iron and steel and other pillar industries ran to 329.212 billion yuan, up by 18.7 percent; profits earned hit 19.998 billion yuan, a rise of 43 percent; there was a favorable trend for the pickup of traditional light and textile industries. Remarkable achievements were also gained in the new industrial highland construction.

By PD Online staff member Liang Faming

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Shanghai's industrial economy has witnessed a big growth for years on end. In 2000, its industrial added value reached 199.2 billion yuan, up by 10.5 percent over 1999.

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