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Pudong Achieved Higher Economic Growth
According to latest statistics released by Shanghai Statistic Bureau, Shanghai Pudong new area achieved 21.458 billion yuan of GDP in the first quarter of this year, an increase of 15.6 percent over the same period of last year.
Statistics told that Shanghai's GDP in the first quarter increased 9.8 percent over the same period of last year, and a greater growth of 5.8 percent by Pudong than that of the whole municipality.
Pudong has set three goals for its economic development starting on the "10th Five-year Plan"period (2001-2005), first, to realize 200 billion yuan in GPD, second, exports to exceed US $10 billion, third, tertiary industry to take up 50 percent of GDP.
In the first two months, Pudong's exports totaled US $ 1.562 billion, up 37.2 percent over the same period of last year, of these, exports of mechanical and electrical products reached US $ 933 million. The new area concluded 235 foreign invested projects with contracted foreign funds topping US 693 million, a 78 percent and 1.5-fold increase respectively.
Three foreign banks -- Malaysia Bank, Bank of Roma and Hana Bank of ROK --- have settled in the area in the first quarter, thus increasing foreign banks to 48 in the area. By the end of March, domestic and foreign financial institutions numbered 110, RMB deposit savings and loans in China and foreign-funded banks topped 230 billion yuan, a rise of 2.4 billion yuan since the year began.
Industrial output in Pudong grew 22.8 percent to 40.1902 billion yuan over the same period of last year, of these, information-related manufacturing sector registered 1.1-fold growth. Delivery value of industrial exports hit 760 million yuan, a 3.1-fold rise.
By PD Online staff member Li Yan
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